Bank of Singapore to set up in DIFC

DIFC 2Bank of Singapore, the private banking subsidiary of OCBC Bank, will establish an office in the Dubai International Financial Centre (DIFC) in the first quarter of 2017.

The office, which has received a category-four licence by the centre’s regulator, will offer a range of private banking services to rich clients, including investments, credit and wealth planning.

Bank of Singapore will continue to operate its onshore representative office in Dubai, which was established in 1996 and is regulated by the UAE’s onshore regulator, the Securities and Commodities Authority.

“Singapore and Dubai share an affinity: both are modest in geographic size yet highly developed, cosmopolitan and incredibly dynamic,” said Arif Amiri, chief executive of the DIFC Authority.

The chief executive of Bank of Singapore, Bahren Shaari, said the Middle East has always been “integral” to the bank.

“With the establishment of a branch in the DIFC, Bank of Singapore is committed to scaling up our research and advisory capabilities,” he said.

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