Branch of singaporean bank oversea-chinese banking corporation will be opened in Luxembourg
In connection with the leaving of the UK from the European Union, one of the largest Singaporean banks, Oversea-Chinese Banking Corporation, is planning to open its branch in Luxembourg.
Earlier, the European branch of OCBC was located in London, which allowed the bank to manage affairs in the EU. Now the banking corporation is considering Luxembourg as a convenient place for doing business, where it intends to open a new branch. The implementation of this plan will be a very significant event in the financial history of the Grand Duchy. However, it should be noted that the decision is not final yet and the bank is also considering other jurisdictions.
It is expected that the situation will become clear after the announcement of the results of the meeting of the Executive Director of OCBC Bahrain Shaari and the Prime Minister of the Grand Duchy Xavier Bettel.