The Lombard division of UK financial services company Friends Provident has applied to open a branch in Switzerland to gain proximity to the...

The Lombard division of UK financial services company Friends Provident has applied to open a branch in Switzerland to gain proximity to the world's largest private banking market as part of the group’s offshore-focused international expansion. The company has also gained a branch licence to operate in Singapore and will open an office there in September, according to Rocco Sepe, managing director of International Friends Provident Life and Pensions. The company aims to be the first to launch a portfolio bond for high net worth individuals in Singapore. Friends Provident also plans to market personal pensions products in Germany and will roll out the German pension products with a limited launch in the summer. A German marketing campaign will follow in the fourth quarter through 100 selected broker firms. Friends Provident acquired Lombard International Assurance for £183 million ($337 million) in October 2004.