Bank of Singapore to open a branch in Dubai in the first quarter of 2017

It will be located at the Dubai International Financial Centre.

In a release, the Bank of Singapore said it has been granted a Category 4 licence to operate a branch in the Dubai International Financial Centre (DIFC). This allows Bank of Singapore to offer a comprehensive range of customised private banking solutions, including investments, credit and wealth planning advisory services, to its ultra-high and high net worth clients.

The official opening of the branch is scheduled to take place in the first quarter of 2017.

Private wealth in the Middle East and Africa is projected to rise at a compounded annual rate of 8.2%, to reach a record high US$11.8 trillion by 20201 - 1.4 times higher than the global average.