Swiss National Bank has opened a branch in Singapore, becoming the first non-Asian central bank with operations in the city-state as it seeks to better manage its portfolio of assets denominated in the region’s currencies.
The move by the Swiss national bank on Thursday is a sign of the growing importance of Singapore – often dubbed “the Switzerland of Asia” – as a base for asset and wealth managers.
SNB has a portfolio of about SFr50bn in assets denominated in four Asian currencies: the Japanese yen, Korean won and the Singapore and Australian dollars. That is about double its share of Asian currencies as a proportion of total reserves compared with 2007.
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