Pictet Asset Services will close its booking centres for independent asset managers in The Bahamas, Hong Kong and Singapore at the end of 2018, as finews.asia can reveal.
The Monetary Authority of Singapore (MAS) imposed penalties of S$5.2 million ($3.95 million) on the Singapore branch of Standard Chartered Bank (SCBC) and S$1.2 million on Standard Chartered Trust (Singapore) Ltd (SCTS) for anti-money laundering breaches and countering financing of terrorism (AML/CFT) requirements.
The Pictet Group said on Monday that it has obtained a wholesale bank licence from the Monetary Authority of Singapore (MAS) to expand its operations here.
The Swiss private bank said that its Singapore bank, Bank Pictet & Cie (Asia) Ltd (BPCAL), has received regulatory approval for a wholesale bank licence from the MAS, and expects to begin operations as a wholesale bank on April 2.
A popular product offered by the bank and linked to expectations of future price swings, or volatility, in the S&P 500 .SPX stock index sank by more than 90 percent within hours last month following a market selloff.
Standard Chartered has recruited a new managing director in Singapore after he spent just five months at Safra Sarasin. Nakul Beri, an experienced non-resident Indian (NRI) banker, shifted to Standard Chartered Private Bank earlier this month, according to his public profile.
LGT is looking for even more bankers, despite a hiring spree that boosted the headcount in 2017. Liechtenstein’s Prince Max is now eager to get more staff for positions at the front.
Swiss private banking group Julius Baer and Thailand’s Siam Commercial Bank (SCB) on Thursday signed agreement to establish a wealth management joint venture (JV) focused on bringing relevant and impactful advice and solutions to the growing Thai private banking market.
Bank of Singapore, the private banking arm of OCBC, appointed a new chief executive for its Hong Kong branch. The banker selected for the job is a man from within the organization.
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