FINANCIAL SERVICES | Staff Reporter, Singapore

Bank of Singapore shrugs off Brexit concerns, eyes London foothold

CEO says London has become 20 % cheaper.

OCBC's Bank of Singapore says Brexit is not all bad news for UK financial services even as the sector braces mass exodus of foreign banks. Bank of Singapore is considering setting up a private bank in the UK, its chief executive Bahren Shaari told the Financial Times, because costs there have fallen thanks to the pound’s sharp drop since Britain voted to leave the EU.

Bank of Singapore CEO Bahren Shaari said the bank has committed to opening a branch in Dubai's International Financial Centre early next year, and London could be next. "London has always been expensive as a place to do business. Now it has become 20 per cent cheaper," Mr Shaari said, adding that a presence in London would allow the Singaporean bank to get closer to Middle Eastern clients who frequent the UK capital. "London has history, legal certainty," he added.

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Photo from David Illif, User:Colin and Kim Hansen / Wikimedia Commons / CC BY-SA 4.0

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