Strategy
Pictet Sees Wider Growth With New Singapore Licence

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.