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BRANCH BANKING | Staff Reporter, Singapore

Bank of Singapore mulls setting up private bank in London

Its CEO says London has become 20% cheaper.

According to CNBC, Singapore’s second-biggest bank says Brexit is not all bad news for UK financial services even as the sector braces for a mass exodus of foreign banks.

Bank of Singapore is considering setting up a private bank in the UK, its chief executive Bahren Shaari told the Financial Times, because costs there have fallen thanks to the pound’s sharp drop since Britain voted to leave the EU.

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