The Swiss National Bank (SNB) has opened its first overseas branch in Singapore, as it seeks to improve management of its foreign currency reserves, including more than US$50 billion in Asian assets.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
SNB has total foreign currency reserves of CHF435 billion, equivalent to more than 70% of Switzerland’s gross domestic product. The bank is looking to diversify the reserves, nearly half of which was in euros as of the first quarter of this year, partly by branching into Asian assets.
The new office will have seven employees, which include asset managers and traders. It would facilitate round-the-clock operations on the foreign exchange markets in the event of the need to enforce the minimum exchange rate.
Thomas Jordan, chairman of SNB’s governing board, said: "Asian currencies have increased and we had to rethink how we managed them more efficiently.
"The time difference between Singapore and Switzerland is six hours. In other words, when our trading desk in Zürich starts work in the morning, they have already missed the best opportunities," added Jordan.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
