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Swiss bank bid for deposits in Sing dollars: WSJ
Thursday, February 18, 2010
Switzerland's Bank Sarasin & Co is applying for approval from Singapore regulators for a licence to accept deposits in the local currency, says the Wall Street Journal. The licence is expected to be granted in 2011, it adds.
Bank Sarasin-Rabo (Asia) Limited, on Robinson Road, holds a merchant banking licence issued by the Monetary Authority of Singapore, according to the bank's website, which adds it is also an exempt financial adviser under the Financial Advisers Act 2001.
The 169-year-old private bank is also opening a branch in Hong Kong next month, says the Journal.
Between December 2007 and June 2009, Bank Sarasin's private wealth assets in Asia and the Middle East rose nearly 30 per cent to 10.8 billion Swiss francs ($10.1 billion), says the Journal.
Several small financial institutions are moving into Asia to win over wealthy clients dissatisfied with the financial advice they received during the downturn, the newspaper reports. It adds:
At the end of 2008, assets of high-net-worth individuals in Hong Kong had plunged around 65 per cent, to $181 billion total, according to a 2009 report released by Merrill Lynch Global Wealth Management and consulting firm Capgemini.
The report says Hong Kong suffered the sharpest drop in in its population of high-net-worth individuals, down 61.3 per cent, in 2009.
Thursday, February 18, 2010
Switzerland's Bank Sarasin & Co is applying for approval from Singapore regulators for a licence to accept deposits in the local currency, says the Wall Street Journal. The licence is expected to be granted in 2011, it adds.
Bank Sarasin-Rabo (Asia) Limited, on Robinson Road, holds a merchant banking licence issued by the Monetary Authority of Singapore, according to the bank's website, which adds it is also an exempt financial adviser under the Financial Advisers Act 2001.
The 169-year-old private bank is also opening a branch in Hong Kong next month, says the Journal.
Between December 2007 and June 2009, Bank Sarasin's private wealth assets in Asia and the Middle East rose nearly 30 per cent to 10.8 billion Swiss francs ($10.1 billion), says the Journal.
Several small financial institutions are moving into Asia to win over wealthy clients dissatisfied with the financial advice they received during the downturn, the newspaper reports. It adds:
At the end of 2008, assets of high-net-worth individuals in Hong Kong had plunged around 65 per cent, to $181 billion total, according to a 2009 report released by Merrill Lynch Global Wealth Management and consulting firm Capgemini.
The report says Hong Kong suffered the sharpest drop in in its population of high-net-worth individuals, down 61.3 per cent, in 2009.
