The Bank of Singapore has appointed Anthony Adriano Simcic as a new managing director of its international team, effective 12 March. He wll focus on increasing business within the European Economic Area (EEA) and will report to Olivier Denis, global market head for Singapore, Malaysia and International. Prior to joining Bank of Singapore, Mr Simcic was managing director and head of private banking with HSBC Private Bank in Luxembourg.
The bank justified the hire by citing the 2017 Capgemini World Wealth Report, which claimed Europe contributed substantially to the increase of high-net worth individuals (HNWI) population and wealth in the world in 2016. The report said the number of HNWIs in Europe rose by 7.7 percent to 4.5 million - higher than the 7.4 percent recorded for Asia-Pacific. In terms of HNWI wealth, Europe registered the third highest growth (8.2 percent) by region. This was on par with the Asia-Pacific region and just behind Latin America and Africa. Europe’s wealth is estimated to increase to $16.5 trillion in 2018 based on the 2016 edition of the report.
The Bank of Singapore has over 1,900 staff, including 430 private bankers and serves clients in Hong Kong, Manila, Dubai and London, with key markets in Asia and the Middle East.