Swiss National Bank unveils first overseas branch in Singapore

Additional booster to over 500 asset management firms in Singapore.

Speaking at the inauguration of Swiss National Bank’s (SNB) Singapore Branch, Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore said that the unveiling of SNB’s Singapore branch is significant as it highlights the importance of Asian markets to its long-term investors.

"Currently, there are over 500 players in the asset management industry operating in Singapore with total assets under management of around USD 1.1 trillion," he said.

Noting the strong tie-up between the two countries, Mr Menon said Switzerland is Singapore's 5th largest trading partner in Europe while Singapore is Switzerland’s 4th largest trading partner in Asia. 

"We are doubly pleased that SNB has chosen to come to Singapore, because our two countries are like kindred spirits. The popular media sometimes calls Singapore the “Switzerland of Asia”. We have always taken the comparison as a great compliment.

Switzerland is known the world over for its stability, prudence, efficiency, and diligence – all attributes that we in Singapore also aspire to. Both Switzerland and Singapore are small trading nations with a shared interest in promoting free trade and maintaining an open, rules-based global economy.," he added.