POST Online Media Lite Edition


Bank of Singapore sets up branch in Dubai financial free zone

Staff Writer |
Bank of Singapore (BoS), a subsidiary of Singapore's OCBC Bank, has been granted a Category 4 licence to operate a branch in the Dubai International Financial Center (DIFC).

The license allows BoS to offer a range of private banking solutions, including investment, credit and wealth planning advisory.

The official opening of the branch is scheduled for the first quarter of 2017.

Private wealth in the Middle East and Africa is projected to rise at an annual rate of 8.2 percent to reach record high 11.8 trillion U.S. dollars by 2020, 1.4 times higher than the global average.

Starting its first office in Dubai in 1996, BoS said it posted solid growth in the Middle East region over the past three years as "assets under management have doubled and net new money has grown by almost five times."

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