Bank of Singapore gets regulatory nod to launch Luxembourg unit

Singapore

BANK of Singapore (BOS), the private banking arm of OCBC Bank, has been granted a licence to operate a wealth management subsidiary in Luxembourg, Western Europe, in what it claims is a first for a Singapore private bank.

Through its new unit, BOS Wealth Management Europe Société Anonyme (SA), BOS will be able to offer customised private banking solutions and investment advisory services to its ultra-high, and high net worth clients within the European Economic Area (EEA) and the UK, the bank said.