Macquarie Bank, the Australian financial services firm, has expanded its Singapore operations through the MBL Singapore branch.

Effective 8 September 2011, activities of Macquarie Private Wealth Asia will operate through the MBL Singapore office with the business known as Macquarie Private Bank. The move follows the launch of the firm's G10 currency offering in July and the Asian foreign exchange, Asian rates and Asian credit activities in June. 

"Singapore plays an important role in driving economic growth in Asia and the establishment of a bank branch in Singapore underscores Macquarie’s ongoing commitment to the Singapore market," said Josh Nicholson, the chief executive of MBL Singapore branch, in a statement. 

Macquarie Group set up an office in the city-state in 1996 and has since grown to have over 400 staff. Its banking arm received a wholesale bank license in March 2011. The company records A$310 billion ($329.6 billion) in assets under management worldwide, as of 31 March 2011.