Siemens has been granted approval to establish a merchant bank in Singapore as it seeks to expand its project financing and other financial capabilities in Asia-Pacific.
The German electronics company set up the Siemens Bank in 2010 and established the lender's first branch in London in 2012. The new Singapore branch will provide core services – loan and guarantee – as well as selected finance advisory services for companies of the Siemens group in the region. The branch is headed by general manager Anton Conradie and deputy general manager Hugo Teixeira.
Siemens described the move as a “logical step” as it expands its footprint in the region, allowing it to get involved in financing local projects at an early stage and better support local 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,” said Armin Bruck, chief executive of lead country Singapore at Siemens.
In recent years, Siemens has been involved in a number of projects in Asia, providing equity to the Sunshine Coast Healthcare Project in Australia, export finance for Bangladesh's Sirajganj III power station, project finance to India's Jupiter Hospital in India and a term loan to an expansion project for the Modern Dental Group in China.
The German company said it supported infrastructure projects and new technologies through its financing solutions with assets totalling €26 billion globally in 2016, which included over €3 billion in Asia and Australia alone.