The Singapore unit of Swiss private bank Union Bancaire Privée (UBP) has obtained a wholesale banking licence from the Monetary Authority of Singapore.
The bank has been present in Singapore since 1993.
Go deeper with GlobalData
It currently operates in the city through a merchant banking licence, which it received in 2013.
UBP Singapore will upgrade to a wholesale bank from 1 April 2019.
With the new licence, the bank will be able to offer a broader range of investment solutions to Singapore-based clients along with Singapore dollar services such as deposits and loans.
UBP CEO Guy de Picciotto said: “The upgraded licence underlines our commitment to Singapore, the region and our clients.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“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 has been present in the Asian market for more than two decades.
It launched Tokyo and Hong Kong operations in 1989 and 1990, respectively.
In 2016, the Swiss bank took over Coutts International’s activities in Singapore and Hong Kong.
UBP also secured two licences for the Hong Kong branch from the Hong Kong Monetary Authority and the Securities and Futures Commission.
