Nordea to open currency desk in Singapore

Nordea Bank, the Nordic region’s largest bank, will open a full-scale currency and money markets desk in Singapore to offer clients trading around the clock as it expands services for customers with operations in Asia, the Bloomberg news agency reported in early December 2013.

The Singapore desk will initially employ eight people, including three traders and two currency sales people, and will probably add more staff in the future, said Mr Peter Dalmalm, head of sales and research at Nordea Markets in Stockholm.

“This will enable us to offer clients online trading 24/7 from our currency desks in Copenhagen, New York and Singapore and improve our coverage of the currency markets,” Mr Dalmalm said. “We see Singapore and Asia as a very important location for us to be in in the future, given the region’s strong growth and the strong development of our customers there.”

Nordea already offers corporate banking services to its Nordic clients and their affiliates doing business in Asia and international ship finance from its office in Singapore, which it established in 1980.

The lender also has offices in Brazil, China, Germany, Russia, the UK and the US, in addition to the Nordic and Baltic markets.

Source: Today Online

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