The Singaporean arm of Swiss private bank EFG is to move into new premises in May which are more than three times the size of its former offices.

As previously reported, EFG Bank Singapore announced in March 2008 that it would be leasing seven floors of a new nine-storey office block prestigiously placed next to Singapore's Parliament building.

EFG will be the only private bank in Singapore with its name over a building - this will give it significant brand advantage which, analysts say, had been lacking before.

The building has significant over capacity which the bank's management has committed to fill with relationship managers.

Yesterday a spokesperson told WealthBriefing that, while EFG is continuing to pursue its expansion in Asia and was still looking to hire, the bank was taking a more “measured” approach in light of the turmoil affecting the financial services industry.

“We are still moving forward, but not as aggressively as last year,” the spokesperson said. 

EFG International is a newer addition to the private banking arena having opened its first office in 1995. Since then, the bank has pursued an aggressive expansion policy making a number of acquisitions and hiring new relationship managers.

At last month’s World Economic Forum in Davos, Switzerland, Jean-Pierre Cuoni, chairman of EFG, was reported to have said that market volatility and uncertainty could hinder the bank from achieving its profit target of SFr800 million (around $1.2 billion) to SFr900 million by 2010.

"We maintain our targets, but we now have to take into consideration the present market environments. It may take longer to reach those targets," he is reported to have said.

Mr Cuoni re-affirmed the bank's commitment to growing EFG's business through its unique entrepreneurial model at the private banking Asia conference this week.