Bank of Singapore unveils European wealth subsidiary

The private bank opened branches in London and Luxembourg.

Bank of Singapore, the private banking arm of OCBC, has launched its wealth management subsidiary, BOS Wealth Management Europe SA (BOSWM) in a bid to capture Europe's ultra-wealthy market.

The Luxembourg-headquartered subsidiary will be led by CEO Anthony Adriano Simcic andthe London branch will be headed by general manager Liz Bottomley. The branches have a total of 30 employees.

Prior to the setup of BOSWM, Bank of Singapore had been serving its European clients from its Singapore headquarters and through its parent company OCBC Bank’s London office.

According to a report by Knight Frank, Europe is home to 35% of the world’s ultra-high net worth individuals in 2018.