The Northern Trust Company, Singapore has been awarded Wholesale Banking (WB) privileges by The Monetary Authority of Singapore (MAS).
As a further step in its commitment to the Singapore market, Northern Trust applied for a Wholesale Banking license on 31 August 2001 to upgrade its existing privileges. “As Northern Trust continues to build its relationships with Singapore-based clients and grow our business here, we saw expanding our privileges under the Monetary Authority of Singapore as key,” comments Mr. Jeff Conover, managing director of Northern Trust, Asia-Pacific. “We are pleased to have our application approved and to have a strong foundation in Singapore, as we continue in our commitment to this important market.”
The new privileges, to take effect on 1 January 2002, will provide Northern Trust with broader capabilities in support of its custody and treasury business in Singapore. Northern Trust currently operates under an Offshore Banking license in Singapore.