Standard Life today announced that it is expanding its retail investment business in the Asian market with the establishment of a branch in Singapore.
The move is part of the Group's strategy to accelerate its access to the high growth, high value markets within Asia and Emerging Markets.
This move follows the granting of full insurance licence approval from the Monetary Authority of Singapore allowing the Group to operate in the defined market segment , which enables Standard Life to target high net worth individuals. Situated in Singapore's Central Business District, Standard Life will open for business this month. It will be a branch of Standard Life International Limited and will be led by Chief Executive Officer and Principal Officer, Neal Armstrong. Neal has joined Standard Life from Zurich where he was Director of Zurich Life Insurance and Principal Officer of Zurich International Life in Singapore. He brings a wealth of experience in both the international long term savings and investment industry and of operating in the Singapore market.
As one of the top four financial centres globally, Singapore is significant and fast-growing. Recognising the potential in this thriving market, Standard Life has chosen Singapore as an ideal market to expand into.
Nathan Parnaby, Chief Executive Officer, Asia and Emerging Markets, Standard Life said, "Our long term ambition within Asia is to build a leading retail savings and investment business. Singapore is a large and respected financial centre and we are committed to building a successful business from there, focused on delivering high quality products for customers.
"We have a proven track record in delivering sustainable growth, built on our distribution, platforms and investment management expertise. We believe today's licence approval provides another great opportunity for our business within this new and exciting, high-growth market."
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