Bank of Singapore, the private banking unit of OCBC Bank, has officially opened its European wealth management unit to cater to the region’s growing UHNW consumer base.

Dubbed BOS Wealth Management Europe (BOSWM), the new subsidiary is based in Luxembourg and has a branch in London.

Bank of Singapore CEO Bahren Shaari said: “Europe has always been an integral part of our business.

“The setting up of BOS Wealth Management Europe in two leading financial hubs further deepens our commitment to serving the ultra-high and high net worth individuals in this region.”

The Luxembourg office will be led by Anthony Adriano Simcic as CEO.

The UK location will be run by Liz Bottomley, who has been appointed as the general manager.

Bottomley will report to Simcic.

Currently, BOSWM has employee strength of 30 at its two offices. Plans are on to increase the headcount later.

Previously, Bank of Singapore tended to its European customers from its Singapore base and OCBC’s London office.

Commenting on the new subsidiary, Luxembourg minister of finance Pierre Gramegna said: “It is the first Singapore financial institution to establish a presence in Luxembourg.

“The fact that Bank of Singapore has chosen to set up its European hub in the Grand Duchy confirms Luxembourg’s role as one of Europe’s leading wealth and asset management centres.”