Banque Heritage, the Swiss boutique private bank, has just launched its first Asian office in Singapore.

The new branch will primarily target high net worth individuals and families in the region with between $2 million and $20 million in investable assets. With regard to corporate advisory and finance, the bank said it will look into deal sizes of between $50 million and $100 million.

The company joins the growing number of Swiss banks setting up shop in Asia, which is now seen as the fastest-growing region in the world.

'We hope that in the medium term, Asia will become a significant contributor not just in terms of net new assets, but also revenues,' said Roland Knecht, the head of Banque Heritage's global private banking business, in a statement.

At present, the bank has around 7 billion Swiss francs in assets under management and has this year gained about 2 billion Swiss francs worth of net new private banking assets, the statement said. The Singapore branch now has 22 staff, which the bank hopes to increase by adding 5 more relationship managers in early 2010.

Banque Heritage has yet to apply for a license from the Monetary Authority of Singapore, but with the expectedly small number of sophisticated clients served by the bank, this may be foregone for now.

"We want to focus on Indonesia, Taiwan, Hong Kong, Singapore, and India," Mr Knecht added.

In late November, Heritage Capital, the merchant banking division of Switzerland-based Banque Heritage, has launched its first Latin American office in São Paulo, Brazil.