OCBC's private banking arm has been granted a licence to operate a wealth management subsidiary in Luxembourg.
A new unit set up by Bank of Singapore will be able to offer services to its wealthy clients in the European Economic Area (EEA) and in Britain, the bank said.
The EEA comprises the European Union countries as well as Iceland, Liechtenstein and Norway.
Bank of Singapore now serves its European clients from Singapore and through OCBC's London office. It yesterday said its foray into Luxembourg is timely given the substantial rise in the number of wealthy people in the region.
The Luxembourg business will be helmed by Mr Anthony Simcic, who will report directly to Mr Olivier Denis, Bank of Singapore's global market head for Singapore, Malaysia and international.
Mr Simcic, who has 18 years of financial services experience, was most recently head of private banking for HSBC Private Bank in Luxembourg.