Union Bancaire Privee is upgrading its presence in Singapore, in a bid to capture more growth in the rapidly-growing Asian millionaire market.
Union Bancaire Privee's Singapore branch clinched regulatory approval from the Monetary Authority of Singapore, or MAS, for a wholesale bank license and expects to launch operations from April 1, the Genevan wealth manager said on Monday.
The move widens UBP's room to maneuver to the city-state's wealthy clients, including Singapore dollar-denominated deposits and loans. «We see great potential in Asia for our unique wealth and asset management solutions and are excited to have the opportunity now to provide an even wider set of bespoke solutions that will better meet the needs of our clients,» UBP's CEO and owner Guy de Picciotto said.
UBP has operated in Tokyo since 1989, Hong Kong since 1990, and Singapore since 1993, where it also launched its private banking business for the region with a merchant banking license in 2013. The wealth manager also clinched a banking license in Hong Kong when it snapped up the assets of Coutts International’s activities in Singapore and Hong Kong in 2016.
