The private banking group has secured a new licence in Singapore that it sees as paving the way for more growth in Asia.

Geneva-headquartered Pictet Group’s Singaporean bank has won regulatory clearance in the Asian city state to have a wholesale banking licence.

The Monetary Authority of Singapore has given a wholesale bank licence to Bank Pictet & Cie (Asia) Ltd; BPCAL expects to begin operations as a wholesale bank on 2 April this year.

BPCAL has been operating as a merchant bank since 2004. The new license will allow it to additionally offer Singapore dollar services, including deposits and loans, within the prescribed regulatory guidelines for wholesale banks, Pictet said in a statement yesterday. 

"Our upgraded licence underlines the growing importance of Singapore for the Pictet Group in the Asia-Pacific region. It’s a natural step, coming just six years after receiving a full banking license in Hong Kong," Claude Haberer, chief executive of Pictet Wealth Management Asia, said.

Dominique Jooris, CEO, BPCAL, and head of Pictet Wealth Management South Asia, added: “We see great potential in the region for wealth management clients seeking a personalised service, long-term relationships and independent investment advice. We are perfectly positioned to do this.”

The Pictet Group has been operating in Hong Kong since 1986 and in Singapore since 1995, employing in total more than 290 staff in Singapore and Hong Kong. Globally, it has 27 offices around the world, with 4,200 staff in total.