KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
OCBC's private bank, the Bank of Singapore, is targeting more asset flows from wealthy individuals in the UK, particularly those with “non-dom” status, as the British government considers tax hikes on foreign residents, according to senior executive Ranjit Khanna. The bank plans to double its revenue from Europe and the Middle East over the next three to five years, with a focus on attracting UK-based clients seeking alternatives due to rising tax pressures.
Singapore is becoming an attractive destination for non-domiciled UK residents looking to relocate their assets amid proposed tax changes by UK Prime Minister Keir Starmer, which aim to fund key spending initiatives. The Bank of Singapore already books clients' assets in Singapore and Hong Kong, with 90% of its business coming from Asia.
To support this growth, the bank plans to expand its London team and recently appointed Rob Woodthorpe Browne as its new head of London operations, following the retirement of Liz Bottomley. Additionally, the bank is closing its Luxembourg operations after a review, partly due to a €210,000 fine imposed two years ago for breaches related to money laundering and terrorism financing.
In addition to its focus on London, the Bank of Singapore has been expanding in Dubai, where it hired Bianca Yau as its first dedicated relationship manager for Chinese clients. The Dubai office has seen a 20% growth in headcount over the past year, but Ranjit noted there are no immediate plans to make Dubai the bank’s third booking center after Singapore and Hong Kong.
The bank's strategy highlights its efforts to capture asset flows from wealthy clients seeking to diversify their holdings amid changing tax regimes in Europe and growing interest in Asian and Middle Eastern markets.
Comments
Post a Comment