Strategy & Practice Management

Pictet receives wholesale bank license in Singapore

Pictet Group has obtained a wholesale bank licence from the Monetary Authority of Singapore.

The Pictet Group has obtained a wholesale bank licence from the Monetary Authority of Singapore (MAS) to expand its operations in the city-state.

According to the Swiss private bank, its Singaporean arm, Bank Pictet & Cie (Asia) expects to begin operations as a wholesale bank on April 2, 2018.

With the new licence, Bank Pictet will be able to now offer Singapore dollar (SGD) services, including deposits and loans, within the regulatory limits for wholesale banks in the country.

The Pictet group has been operating in Hong Kong since 1986 and in Singapore since 1995. Dominique Jooris, Bank Pictet Chief Executive and Head of Pictet Wealth Management South Asia, told local media that a wholesale bank licence is pivotal in building Pictet's franchise locally.

"We see great potential in the region for wealth management clients seeking a personalised service, long-term relationships and independent investment advice," said Jooris.

Pictet's Singapore step comes after it poached Boris Collardi from Julius Baer, Switzerland's third-largest listed bank, to become Pictet's latest partner and lead its international expansion.

As of end 2017, Pictet had USD522 billion in assets under management or in custody.