Bank of Singapore, a wholly-owned subsidiary of Oversea-Chinese Banking Corporation (OCBC), is set to close its wealth management operations in Luxembourg. In a press statement provided to Paperjam on 9 October 2024, Ranjit Khanna, the firm’s head of private banking and CEO for Europe and the Middle East, said, “Following a strategic review, we will wind down our Luxembourg operations to focus on strengthening our presence in the United Kingdom through our London office.”

The bank had established its European hub in Luxembourg, commencing operations on 1 April 2019, with an inauguration by former Luxembourg finance minister Pierre Gramegna.

The Luxembourg entity, BOS Wealth Management Europe SA, remains listed as ‘active’ on the registry of the Financial Sector Supervisory Commission (CSSF). In 2022, the CSSF had the firm €210,000 for non-compliance with various professional obligations related to anti-money laundering and countering the financing of terrorism.

Furthermore, Khanna mentioned that the firm plans to expand its London team, which currently has 20 employees, although he did not specify how many additional hires are anticipated.