Schroders Private Banking, part of the UK-based asset manager Schroders, has been granted a banking licence for its Singaporean private client business by the Monetary Authority of Singapore.    

Schroder & Co (Asia) began banking operations yesterday, with Khing Go at the helm as chief executive of the division.

Schroders acquired the Singapore-based private client advisory unit of the Commonwealth Bank of Australia in 2008; Go was previously head of private banking Asia advisory for the latter before joining Schroders.

Schroders said in a statement it has been active in Singapore since 1976, and currently has 200 staff employed in the jurisdiction.

Schroders’ global assets under management total (£196.7 billion) $307.9 billion, as at end-2010; its private banking AuM stands at £16.2 billion.