Union Bancaire Privée (UBP) is mulling applying for a bank license in Singapore and Hong Kong, Asian Investor reports. The Swiss firm, whose core business is private banking that accounts for about 70% of its $70 billion in global assets, seeks to expand in Asia and emerging markets. The bank already has a capital markets securities license in Singapore. Recently, UBP also formed a joint venture with Taiwanese insurer Chung Wei Yi, owner of TransGlobe Life Insurance.
Click here for the story from Asian Investor.