Swiss bank EFG moves forward in Asia with a new wholesale banking license in Singapore and the search for the executive to fill a new head of Global Indians role.

EFG, the Swiss private bank, has been granted a wholesale banking licence in Singapore, according to the statement bearing its 2013 results.

The licence effectively upgrades the bank's status in the city-state from a merchant banking capacity to a company that is now able to accept Singapore dollar denominated deposits and conduct other financial transactions in the currency. EFG primarily deals with the wealth management needs of high net worth individuals with at least S$1 million ($790,000) in surplus assets. 

The approval comes as EFG continues to expand its footprint in the region. Early in the year, the private bank recruited Alvin Ma from CITIC Bank to assume the newly created role of head of emerging wealth to focus on its North Asia and China business. It also has begun capitalising on the global Indian opportunity by creating the head of global Indians role based in Singapore, for which it is currently in the process of hiring.