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Pictet & Cie Group unit gets wholesale bank license in Singapore

Swiss private bank Pictet & Cie Group SCA unit Bank Pictet & Cie (Asia) Ltd. obtained approval from the Monetary Authority of Singapore to operate as a wholesale bank, The Business Times reported March 19.

The new license will allow the bank to provide Singapore dollar services, including deposits and loans, the report said.

Bank Pictet & Cie (Asia) is expected to commence operations as a wholesale bank on April 2. It has been operating as a merchant bank in Singapore since 2004.