Bank of Singapore opens office in DIFC

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre, DIFC, opened Bank of Singapore’s branch at the centre on Sunday.

The official opening ceremony was attended by Essa Kazim, Governor of DIFC; Samuel Tsien, Group Chief Executive Officer (CEO) of Bank of Singapore’s parent company OCBC Bank; Ching Wei Hong, Chief Operating Officer of OCBC Bank and Chairman of Bank of Singapore; and Bahren Shaari, CEO of Bank of Singapore, along with 250 of the private bank’s clients.

H.H. Sheikh Maktoum congratulated Bank of Singapore on the opening of its regional office in DIFC and highlighted the special relationship between Singapore and the UAE, which, he said, was growing stronger steadily.

He stressed that the Government of Dubai would continue to work in line with its vision, established decades ago, of pursuing a strong partnership with local and international private sector companies.

He underlined the role that this partnership has played in supporting Dubai’s ambitious development plans across several sectors, including the banking sector, which is an important pillar of the Emirate’s economy.

HH Sheikh Maktoum further mentioned that DIFC was keen to provide a conducive environment for its partners from across the globe to accelerate their business growth and successes.

His Highness also commended Singapore on the recognition it gained at last week’s World Government Summit in Dubai, where Singapore’s Ministry of Finance was awarded the Best M-Government Award in the category of Economy and Commerce. The summit was established by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.

With the opening of its DIFC office, Bank of Singapore seeks to usher in a new growth phase in the Middle East. The branch is being supervised by veteran banker Kirit Chauhan and supported by a team of 75 employees.

In conjunction with the official opening of the DIFC branch, Bank of Singapore organised a business forum entitled ‘Global Outlook 2017 Conference’ for 200 clients based in the Middle East and another 50 international clients, who were specially flown in to Dubai to attend the opening of the branch.

Renowned theoretical physicist and futurist Dr. Michio Kaku, and Nobel laureate and economist Paul Krugman headlined the business forum. Dr. Kaku spoke about his vision and how businesses and societies would be shaped by future trends. Professor Krugman shared his insights on global economic issues.

Bank of Singapore’s opened its first representative office in Dubai in 1996, before the DIFC was set up in 2004.

"We are delighted to welcome Bank of Singapore. It joins close to 200 wealth and asset management companies who have chosen the DIFC to access the significant pool of emerging wealth in the region," Kazim, Governor of DIFC, stated.