SEB Private Bank upgrades Asian presence

SEB Private Bank, the international private banking arm of leading Nordic Banking Group SEB, plans to open a fully-fledged private bank in Singapore early 2005.
     “This is a natural step in SEB Private Bank’s strive to continuously improve our product offering and service level for both regional Asia-Pacific and global clients. The new Asian private banking team will initially consist of 7 people,” says Ole Fr. Hamre, the general manager for the new Singapore based operation.
     The main aim with the new operation is to increase the service level and product offering towards the bank’s Asian based private clients within their time zone and geography. At the same time this will also enable SEB Private Bank to offer its global client base both an increased internal Asian expertise and exposure within one of the fastest growing global economies.
     With the establishment of the new SEB Private Bank, Singapore Branch, the SEB Group will be able to offer its Nordic and German clients account booking facilities and front offices in various locations around the world; Luxembourg, Switzerland, Singapore and in the U.K.
     The intended product offering for the Singapore branch reaches from financial advisory services, Internet banking, regional equity brokerage, insurances and a wide range of various investment opportunities.
     The SEB Group also announced earlier this fall its plan to establish a new branch in Shanghai, China.

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