Private bank EFG has obtained a wholesale banking licence in Singapore, allowing it to offer a range of Singapore dollar deposits for its wealthy customers, the Straits Times daily reported.
With the new licence, EFG has been operating as a wholesale bank in Singapore since March 3.
The bank had assets under management for clients worth about 14.9 billion Swiss francs ($16.81 billion) as at December last year, for EFG Bank in Asia.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 0.8862 Swiss Francs) (Compiled by Singapore Newsroom; Editing by Anupama Dwivedi)