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Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
UBS Group AG [nb 1] is a multinational investment bank and financial services company founded and based in Switzerland.Headquartered simultaneously in Zürich and Basel, [9] it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world.
The bank provides personal financial services, commercial banking, private banking and asset management services, as well as corporate finance, venture capital and insurance services. It has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. [8]
The accounts do not generate as much revenue as traditional private banking, but given the number of customers, can provide sizeable revenue to the bank. In 2016, Credit Suisse and UBS replaced the phrase "private banking" with "wealth management"; private banking has faced reputational risk as an area for tax avoidance or even tax evasion. [9]
One Raffles Quay (Chinese: 莱佛士码头一号) is an office building complex located at Raffles Place, the central business district of Singapore. Designed by Kohn Pedersen Fox, One Raffles Quay (ORQ) consists of the 50-storey North Tower and the 29-storey South Tower, totalling about 1.3 million square feet of office space. The building was ...
UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital from the Government of Singapore Investment Corporation, [53] the Swiss government [54] and through a series of equity offerings in 2008 and 2009.
The bank gained clients and grew rapidly in the 1960s and 1970s. In the early 1970s, S. G. Warburg entered into a U.S. joint venture with Paris-based Paribas (Banque de Paris et des Pays-Bas, prior to the bank's nationalisation in 1982) named Mercury Securities.
Bahren started his career as an auditor at Coopers and Lybrand.After two years, he moved to the financial industry. He joined American Express in 1988 before moving to UBS AG Wealth Management in 1996, [9] where he rose to become the managing director and Head of Southeast Asia and Australia team [10] He then joined ING Asia Private Bank as Senior Managing Director and Global Head for the ...
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