SINGAPORE, 16 OCTOBER 2009 - Having achieved double-digit growth in client assets under management this year, global private banking group EFG International has opened a new bank branch in Singapore.
The new EFG bank building, in the Lion City’s central North Bridge Road, occupies a prominent position opposite the parliament and the High Court and says it has “ambitious plans to expand its business in Singapore”.
EFG International chairman, Jean-Pierre Cuoni, executive chairman of the Asia Pacific region, Robert Chiu, and CEO of the Asia Pacific region, Albert Chiu, will attend a formal opening ceremony this evening.
EFG International is a member of the EFG Group headquartered in Geneva, and is one of the top five banking groups in Switzerland by Tier-1 Capital. EFG International's group of private banking businesses currently operates in 55 locations in more than 30 countries, with some 2,400 employees.
Quickly profitable
Initially based in Hong Kong and Singapore, the business was profitable within a year and has grown rapidly to encompass a regional network also present in Bangkok, Jakarta, Manila, Seoul, Taipei and, shortly, Shanghai. Across the region, it has about 500 employees, including more than 160 client relationship officers (CROs).
EFG Bank currently has 130 employees in Singapore, of which 70 are CROs. It has ambitious plans to expand its business in Singapore, and sees this new office as providing a platform for growth.
To cater for the growth in client assets, the number of EFG Bank CROs in Asia has grown by about 40 per cent since the start of 2008.
“Our new premises position us for the next phase of growth in Singapore and the wider region beyond,” said Kees Stoute, managing director, EFG Bank Singapore. “We remain optimistic for the future, courtesy of our dynamic, entrepreneurial approach which continues to attract both clients and experienced private bankers alike.”
