Swiss private bank EFG has received a wholesale banking licence in Singapore, which is an upgrade from its merchant banking licence.
The licence will allow the bank to accept Singapore dollar (SGD) deposits, Channel News Asia has reported.
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EFG currently handles more than $18 billion worth of assets for clients across Asia that account to be around 20% of its total assets under management, with plans to grow to over 40%.
The bank currently has 38 private bankers, or client relationship officers, in Singapore and is planning to add another seven in next three months.
EFG International Asia Pacific CEO Albert Chiu said, "Our model is very simple
"We hire all the senior and good private bankers that fit our model. They join, and first of all, they bring… clients that they have known for a long time (and) served… for a long time, and the clients trust them."
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