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New UBS services for foreign residents here

Singapore

UBS Wealth Management on Wednesday said it has set up a new service to offer specialised financial services for foreigners residing in Singapore.

The team is "especially dedicated to this underserved segment of the Singapore community", said the top Swiss private bank in Asia-Pacific, which manages 292 billion Swiss francs (S$409 billion) in this region.

UBS said there are increasing demands for a "seamless international banking experience" across locations for foreigners residing here.

The team is headed by Sean Straton, desk head, resident foreigner team, UBS Wealth Management, Singapore. Mr Straton was previously from Credit Suisse where he was the team leader for the Indonesia market.

The resident foreigner team will look at providing services to foreign residents in Singapore, that touch on demands such as children's education and saving for retirement.

There are four bankers on the team now, and UBS expects to double the staff strength in about a year's time.

Eddie Gan, managing director, market head, Singapore, UBS Wealth Management, said: "Investing in building a dedicated client coverage team supporting high-net worth foreign residents in Singapore is a key milestone in our strategy.

"We are very excited to have Sean lead our growing team. With his abundant experience and expertise, our new resident foreigner team is in a strong position to support high-net worth foreign residents in Singapore pursue their financial goals."