“The choice of Bank of Singapore to establish its European hub in the grand duchy confirms the role of Luxembourg as one of the leading European asset and asset management centres,” Luxembourg finance minister Pierre Gramegna said at the inauguration on 1 April. 

Previously, European clients were managed from the bank’s headquarters in Singapore and via the London offices of its parent company, OCBC Bank. Anthony Adriano Simcic will head up the local subsidiary.  

Bank of Singapore CEO Bahren Shaari previously said of the establishment in Luxembourg that it “highlights our commitment to better serving high net worth individuals and family offices in the region. We are confident of replicating our successful business model--which is flourishing in Hong Kong and Dubai--so that it supports the growing affluence and rising economic activities in the European Economic Area.”

In addition to the new European headquarters, BOS Wealth Management Europe opened a branch in London on 2 April. This will be headed by Liz Bottomley. 

There are a total of around 30 employees at the two subsidiaries.