Singapore’s second-biggest bank says Brexit is not all bad
news for UK financial services even as the sector braces for a mass exodus of
foreign banks.
Bank of Singapore is considering setting up a private bank
in the UK, its chief executive Bahren Shaari told the Financial Times, because
costs there have fallen thanks to the pound’s sharp drop since Britain voted to
leave the EU.
The bank, Asia’s second-biggest homegrown private bank and a
unit of OCBC, the city-state’s second-largest lender by assets, has been
growing strongly overseas, doubling assets under management in the Middle East
in the past three years.
Bank of Singapore has committed to opening a branch in
Dubai's International Financial Centre early next year, and London could be
next.
Singapore’s second-biggest bank says Brexit is not all bad
news for UK financial services even as the sector braces for a mass exodus of
foreign banks.
Bank of Singapore is considering setting up a private bank
in the UK, its chief executive Bahren Shaari told the Financial Times, because
costs there have fallen thanks to the pound’s sharp drop since Britain voted to
leave the EU.
The bank, Asia’s second-biggest homegrown private bank and a
unit of OCBC, the city-state’s second-largest lender by assets, has been
growing strongly overseas, doubling assets under management in the Middle East
in the past three years.
Bahren Shaari, chief executive officer of Bank of Singapore.
Bank of Singapore has committed to opening a branch in
Dubai's International Financial Centre early next year, and London could be
next.
"London has always been expensive as a place to do
business. Now it has become 20 per cent cheaper," Mr Shaari said, adding
that a presence in London would allow the Singaporean bank to get closer to
Middle Eastern clients who frequent the UK capital. "London has history,
legal certainty," he added.
He declined to give a timeframe on when the London operation
could be set up.
Bank of Singapore's view on London is at odds with that of
most of the foreign banks already operating there.
Get Live
Trading Signal With Us – www.equityprofit.com
No comments:
Post a Comment