Office workers pass an Oversea-Chinese Banking Corp (OCBC) building in the central business district of Singapore January 6, 2014. REUTERS/Edgar Su
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The private banking arm of Singapore's second-biggest lender OCBC is targeting annual growth of assets of more than 20 percent from its new office in Dubai, which it aims to use to attract wealthy clients from the Middle East and Africa, its chief executive told Reuters Sunday. Bank of Singapore launched the office Sunday in the Dubai International Financial Center after receiving a license late last year to conduct private banking including investment, credit and wealth-planning advisory services to its ultrahigh and high net worth clients. Bank of Singapore is expanding in a competitive market where a number of foreign banks such as Citigroup and HSBC operate alongside the private banking units of local banks.
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