The Deputy Ruler of Dubai and President of Dubai International Financial Centre His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum (centre) officially opens Bank of Singapore’s branch in DIFC, alongside (L:R) Kirit Chauhan, Bank of Singapore’s Market Head for Middle East, Sub-continent and Africa; Samuel Tsien, Group Chief Executive Officer of Bank of Singapore’s parent company OCBC Bank; Bahren Shaari, Chief Executive Officer of Bank of Singapore; Derrick Tan, Bank of Singapore’s Global Market Head for Malaysia, Brunei, Japan, Sub-Continent and Middle East.

Bank of Singapore to use Dubai as base to attract Middle East, Africa wealth

Foreign banks such as Citigroup and HSBC already operate alongside the private banking units of local banks

The private banking arm of Singapore’s second-biggest lender OCBC is targeting annual growth of assets of more than 20 percent from its new office in Dubai, which it aims to use to attract wealthy clients from the Middle East and Africa, its chief executive told Reuters on Sunday.

Bank of Singapore launched the office on Sunday in the Dubai International Financial Centre (DIFC) after receiving a license late last year to conduct private banking including investment, credit and wealth planning advisory services to its ultra-high and high net worth clients.

“Dubai will be the hub, where we will cover the MENA region and Western side,” Bahren Shaari said in an interview. “This is a pivot for not only the MENA region but also for the West."

Bank of Singapore is expanding in a competitive market where a number of foreign banks such as Citigroup and HSBC operate alongside the...Read more...