Union Bancaire Privée nabs wholesale bank license in Singapore
UBP will soon offer SGD services like deposits and loans.
The Singapore branch of Swiss-based private bank Union Bancaire Privée (UBP) will kickstart operations as a wholesale bank from 1 April 2019 after receiving regulatory approval from the Monetary Authority of Singapore (MAS).
The new license will allow UBP Singapore to offer Singapore Dollar services including deposits and loans and provide a wider set of investment solutions to domestic clients in the city.
“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 CEO Guy de Picciotto said in a statement.
UBP has had asset management operations in Asia for over 20 years with operations in Tokyo since 1989, Hong Kong since 1990, and Singapore since 1993 and where the bank also launched its private banking business for the region with a merchant banking license on November 2013.