Crédit Agricole Private Banking Services has won clearance to offer business process outsourcing in Luxembourg and has announced a new partnership in Singapore.

The Commission de Surveillance du Secteur Financier, Luxembourg's financial market regulator, has given the go-ahead for a major Swiss private bank to offer services in the Grand Duchy.

The approval awarded to Crédit Agricole Private Banking Services opens up new opportunities for the firm to grow its business in Europe and is consistent with its plans to expand internationally, the bank said in a statement. CAPBS is the logistics centre of Crédit Agricole (Suisse).

"In Europe, demand for business process outsourcing from private banks is strong, and there are currently few providers in this segment," commented Jean-Claude Favre, director, in a statement. The company specialises in BPO services in the wealth management segment.

Separately, the firm said it is partnering with a "highly regarded international private bank" that is establishing operations in Singapore. It has not revealed who the bank is. CAPBS has expanded into the Asian market by integrating with Crédit Agricole Private Banking's offices in Singapore and then Hong Kong into its S2i platform.

CAPBS' platform handles SFr115 billion ($127.7 billion) in assets for 25 client banks in ten countries. S2i is its proprietary banking solution that is compliant with the tax systems of seven European and three international jurisdictions.