“If you look at flows out of the Middle East and Europe that are coming into Singapore - there is a lot more interest and a lot more curiosity given some developments,” Khanna said. Given the UK’s plans to raise taxes for foreign residents in the country, “people are considering alternatives.”
Oversea-Chinese Banking Corp.’s (OCBC) private bank plans to grow its business in Europe to capture more asset flows from wealthy people in the UK as the British government mulls raising some taxes on them, according to a senior executive.
Bank of Singapore sees the city-state attracting more of these flows from so-called “non-doms,” Ranjit Khanna, the firm’s head of Europe and the Middle East, said in an interview. The firm aims to double revenue from outside of Asia over the next three to five years, and plans to add to the 20 people it currently has in London, Khanna said, without elaborating on the number of hires being planned.
