Regulators have given the Bank of Singapore approval to open an office in the Dubai International Financial Centre, adding to its operations in the Middle East.

The bank acquired Barclays’ Singapore and Hong Kong wealth business earlier this year. It is part of Oversea Chinese Banking Corp, or OCBC, the Bank of Singapore
has been active in the Middle East since 1996.

Under the ‘category four’ licence issued by the Dubai Financial Services Authority, the firm can now extend its private banking offerings, including investments, credit and wealth planning advisory services, to its high and ultra-high net worth clients in the region. The official opening is scheduled to take place in the first quarter of 2017.

Earlier this year, the Bank of Singapore’s chief executive, Bahren Shaari, hinted that it was thinking of collaborating with an onshore Chinese partner as opposed to directly entering the market in the world’s second-largest economy.

Commenting on the company’s latest venture, Shaari said: “With the establishment of a branch in the DIFC, Bank of Singapore is committed to scaling up our research and advisory capabilities, to better serve HNW individuals in this region.

“Dubai’s position in the Middle East is similar to Singapore’s role in Asia - both serve as strategic economic hubs, supporting wealth growth and investments for individuals and businesses. We are confident of replicating our successful Singapore business model in Dubai to support the growing affluence and economic activities in this region.”

Since 2014, the Bank of Singapore’s assets under management have doubled in value.