Bank Pictet & Cie Receives Wholesale Bank License in Singapore, to Expand SGD Services
Bank Pictet & Cie has received a wholesale bank license in Singapore from the Monetary Authority of Singapore (MAS). The Swiss bank is expected to commence operations as a wholesale bank on 2nd April 2018.
“ Bank Pictet & Cie Receives Wholesale Bank License, to Expand SGD Deposits & Loans Services “
The new wholesale bank license will allow Pictet to expand their services, offering Singapore Dollar (SGD) services including deposits and loans. Since 2004, the bank has been operating in Singapore as a merchant bank.
The Pictet Group has been operating in Singapore since 1995 and Hong Kong since 1986, employing in total more than 290 staff in Singapore and Hong Kong.
Merchant Bank License Engage in corporate finance, underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy and other fee-based activities. Wholesale bank license Engage in the same range of banking business as full banks, except that they do not carry out Singapore Dollar retail banking activities. Full banks May provide the whole range of banking business permitted under the Banking Act. Foreign full banks with Qualifying Full Bank (“QFB”) privileges may operate a total of 25 locations.
Claude Haberer, CEO of Pictet Wealth Management Asia:
“Our upgraded license underlines the growing importance of Singapore for the Pictet Group in the Asia-Pacific region. It’s a natural step, coming just six years after receiving a full banking license in Hong Kong.”
Dominique Jooris, CEO, BPCAL, and Head of Pictet Wealth Management South Asia:
“A wholesale bank license is pivotal in building Pictet’s franchise locally. We see great potential in the region for wealth management clients seeking a personalised service, long-term relationships and independent investment advice. We are perfectly positioned to do this.”
Source: Official Press Release
About Pictet Private Bank
Pictet is a private bank specialised in asset and wealth management. Established in Geneva since 1805, it ranks among Switzerland’s leading private banks and is one of the premier independent asset managers in Europe. As an investment-led service company, Pictet offers only wealth management, asset management and related asset services. Operating in 26 locations worldwide with investments for clients spread over more than 80 countries, Pictet was ranked best custodian overall in the world according to the latest 2014 surveys by Global Investor and R&M.
- Origin : Geneva, Switzerland
- Assets : CHF 41.28 billion
- Revenue : CHF 2.12 billion
- Employees : 3,800
Official Website: www.group.pictet
News & Media: Press Release
Updated on 8th August 2016