UBS Wealth Management has set up a new desk to offer specialised financial services to meet the needs of foreign residents in Singapore.

The bank said that the new resident foreigner team, which will include experienced international bankers, will offer a unique client experience through cultural synergies and financial solutions personalised to the needs of foreign residents in Singapore.

The team will be led by Sean Straton, who will report to UBS Wealth Management Singapore managing director and market head, Eddie Gan.

Straton formerly was the team leader for the Indonesia market at Credit Suisse, and before that served as the head of Westpac Private Bank in Singapore.

"Investing in building a dedicated client coverage team supporting high net worth foreign residents in Singapore is a key milestone in our strategy. We are very excited to have Sean lead our growing team,” Gan noted.

UBS Wealth Management South East Asia head August Hatecke said: "As a global bank, operating in Singapore since 1970, we have the advantage of a strong international network as well as a deep understanding of the local market.

“We have had requests over the years to provide specialized financial services to foreign residents in Singapore and this new service gives us the ability to provide a seamless banking experience whether they bank in Singapore or their next home. We see tremendous potential for this client segment and this is a great opportunity for us to further accelerate the growth of our footprint in this important market."