UBS Opens Major New Asian Office
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The Swiss banking giant’s top two were on hand to open a new office in Singapore – its largest in the wider region.
Zurich-based UBS officially opened its Singapore office at 9 Penang Road, in a ceremony that featured Chairman Axel Weber, CEO Ralph Hamers, and Asia-Pacific boss Edmund Koh, it said in a statement. The 400,000 square feet of prime property will be the Swiss bank’s largest office in the region.
Singapore’s finance minister Lawrence Wong was on hand, lauding UBS’ efforts in the city-state with regards to talent development in a LinkedIn post. Fabrice Filliez, Swiss ambassador in Singapore, and Bloomberg founder Michael Bloomberg also attended.
For UBS, which employs more than 3,000 people in the city-state, the office represents a larger, campus-style, facility. The Swiss wealth manager has also settled into Singapore’s Command House, a historical landmark wher
UBS’ plans to move out of the financial district into Penang Road raised eyebrows at the time because the latter is not a typical headquarter location for a major bank. However, Penang Road is a stone’s throw from the prime Orchard Road shopping belt and the location offers good connectivity.
The bank launched two new initiatives to mark the launch: Techconnect SEA, an ecosystem that aims to connect and grow Southeast Asia’s next generation of unicorns, and an app called Circle One which will connect investors to ideas on a global ecosystem.
Questions & Answers
Q.What is the primary function of the new UBS office in Singapore?
What is the primary function of the new UBS office in Singapore?
The new office is the Swiss bank’s largest in the region, providing a larger, campus-style facility for its operations. It also serves as the headquarters for UBS's wealth management activities in Singapore.
Q.What new initiatives did UBS launch to mark the opening of the Singapore office?
What new initiatives did UBS launch to mark the opening of the Singapore office?
UBS launched two initiatives: Techconnect SEA, an ecosystem to connect and grow Southeast Asia's next generation of unicorns, and Circle One, an app connecting investors to global investment ideas.
Q.Why did UBS's choice of location for its new Singapore office raise concerns?
Why did UBS's choice of location for its new Singapore office raise concerns?
Moving to Penang Road raised eyebrows because it is not a typical headquarters location for a major bank. However, its proximity to Orchard Road and good connectivity were cited as benefits.
Q.Who were some of the notable attendees at the opening ceremony for the new Singapore office?
Who were some of the notable attendees at the opening ceremony for the new Singapore office?
Key attendees included UBS Chairman Axel Weber, CEO Ralph Hamers, and Asia-Pacific boss Edmund Koh. Singapore’s finance minister Lawrence Wong, Swiss ambassador Fabrice Filliez, and Michael Bloomberg also attended.
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