Bank of Singapore Ltd. is considering establishing a private bank in the U.K. as costs have fallen there since Britain decided to leave the EU, the Financial Times reported Dec. 17, citing CEO Bahren Shaari.

Shaari said London has become attractive for expansion thanks to a sharp drop in the British pound, which translates to lower costs. A presence in London will also allow the Singapore bank to get closer to Middle Eastern clients in the U.K. capital.

Shaari did not give details on when the London operation could be set up but the bank is committed to growing its overseas presence. The bank also plans to open a branch in Dubai's International Financial Centre early in 2017.