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Bank of Singapore eyes Luxembourg base

Bank of Singapore eyes Luxembourg base

SINGAPORE: Singapore’s second-largest bank, Oversea-Chinese Banking Corporation, is considering setting up a new subsidiary in Luxembourg. OCBC’s private banking arm, Bank of Singapore, which runs its European business from London, is understood to be eyeing a presence in Luxembourg, which would allow it to continue selling its services across the European Union (EU) following Britain’s vote to break away from the grouping. It would be the first time a Singaporean bank has set up shop in the small European country, although other locations are thought to be under consideration, and any move to Luxembourg remains uncertain until the bank has officially applied for a licence.

According to local publication «The Wort» Bank of Singapore chief executive Bahren Shaari is in Luxembourg and will meet Prime Minister Xavier Bettel on the trip. Shaari is also expected to meet with Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). OCBC would not confirm the details with Luxembourg is already home to 141 banking institutions, and has been successful in attracting Chinese banks. The country’s oldest bank recently struck a deal which saw China’s Legend Holdings (Legend) buy a 90 percent stake in Banque Internationale a Luxembourg (BIL) for 1.48 billion euros.