Pictet received approval for a wholesale bank license from the Monetary Authority of Singapore. What does it mean for the Swiss bank's plans in the city-state?
The Geneva-based bank is upgrading from a merchant bank license to a wholesale license, which means Pictet will be able to offer Singapore dollar services, including deposits and loans, according to a media statement. Pictet expects to commence operations as a wholesale bank in the city-state from April.
The move comes just two months before former Julius Baer boss Boris Collardi begins as a partner at Pictet. His shock defection has many of his old colleagues in Asia bracing for competition from Collardi for clients in Asia, where Pictet hasn't been aggressive.
«Our upgraded license underlines the growing importance of Singapore for the Pictet Group in the Asia-Pacific region,» said Claude Haberer, CEO of Pictet's wealth management arm Asia «It’s a natural step, coming just six years after receiving a full banking license in Hong Kong,»
The partner-owned and -run private bank recently reported full-year profit up 36 percent on the year, and that it won 14.1 billion Swiss francs in fresh money from its institutional and wealthy clients.
