Morgan Stanley has received a wholesale banking licence in
Singapore, signaling a reorganisation and expansion of its Asian
private banking business.
Approval was granted on February 13 by the
Monetary Authority of Singapore, and Morgan Stanley then
transferred its wealth management business from the group’s local
entities to a Swiss subsidiary of Morgan Stanley Smith Barney.
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Transferring clients to that subsidiary,
Morgan Stanley, will expand the services the group can provide
them.
The terms of a wholesale banking license in
Singapore limit the institution to one branch and allow it to
accept deposits of a minimum of SGD$250,000 ($198,000).
Wealth management focus
The Hong Kong Monetary Authority granted
Morgan Stanley’s wealth management business a banking licence late
last year, and the same transfer of responsibilities has taken
place in the territory.
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By GlobalDataWealth management has become a key focus for
Morgan Stanley as it seeks to expand its international footprint, a
bank spokesman said.
Morgan Stanley Smith Barney is a joint venture
between Morgan Stanley and Smith Barney, with the former holding
51% of the brokerage and an option to buy.
