Time for Singapore premium to outshine Swiss finish

WEALTH managers and private bankers expect a step-up in client requests and fund movements this year, as the strength of Singapore’s financial system earns a premium amid widespread banking industry turmoil.

The collapse of major Swiss private bank Credit Suisse, in particular, has shaken many wealthy investors. Although Swiss regulators provided support to stabilise the Swiss banking sector and engineered a takeover of Credit Suisse by rival UBS, investors remain watchful of repercussions. Some experts said the collapse had affected Switzerland’s reputation as a safe place to invest.

Meanwhile, Citibank Singapore chief executive officer Brendan Carney noted that Singapore’s political stability, transparent government policies and pro-business environment remain intact.