The Monetary Authority of Singapore (MAS) grants approval for Siemens Bank GmbH Singapore Branch to operate as a merchant bank in Singapore.
The new branch will cover financing activities for the Asia-Australia region. In addition to its main pillar, the loan and guarantee business, the branch will also provide selected finance advisory services for the Siemens group companies in Asia-Australia.
“With this move, we are excited to be at the forefront of project financing in Singapore,” says Roland Chalons-Browne, CEO of Siemens Bank and CEO of the Financial Services Division of Siemens (SFS). “The decision to open a branch of Siemens Bank in Singapore was a logical step to expand our local footprint in Asia-Australia, so as to get involved in the local project financing market at an early stage and to better support local Siemens sales.”
“The opening of the Siemens Bank Singapore Branch will enable us to support further infrastructure, energy and healthcare projects for Siemens in Asia-Australia,” says Dr. Armin Bruck, CEO of Lead Country Singapore at Siemens. “We can now provide our customers not only with innovative technological solutions, but with tailor-made financing as well.”
Siemens Bank was established in 2010 as a wholly owned subsidiary of Siemens AG. It acts as an independent company, but benefits from its integration in the network of financial companies of the Siemens Group. The Siemens Bank Singapore Branch is the second branch opened since the bank’s inception, the first one being in London in 2012. The Singapore Branch Management team comprises Anton Conradie (General Manager) and Hugo Teixeira (Deputy General Manager).
Siemens has enabled infrastructure projects and new technologies around the world through financing solutions with assets totaling €26 billion in fiscal 2016 - including a footprint of over €3 billion for Asia and Australia. Recent projects include an equity investment in the Sunshine Coast Healthcare Project in Australia, export finance for the Sirajganj III power station for North-West Power Generation Company in Bangladesh, project finance provided to Jupiter Hospital in India and a term loan to support the building of a new plant for Modern Dental Group in China.
Contributed | what does this mean?