United Overseas Bank has launched a new branch at Marina Bay Sands that caters to clients of its Privilege Banking service.

"With Asia driving the global economic engine, and the growing number of affluent Asians, there are many opportunities to be part of the ballooning wealth management business," James Phoen, the head of the Privilege Banking unit's offshore division, said in a statement. The Privilege Banking service targets clients with at least $200,000 in investable assets, but the MBS branch will give priority to those with at least S$1 million.

Use of the new branch will be by appointment only. The new MBS office covers only 1,100 square feet, against the 3,000 square feet or more in the bank's other Privilege Banking centres in Singapore. Extras offered in the MBS branch include a full-time butler who services clients while waiting and high-end art.

At present, UOB boasts of 190 relationship managers under its HNW brand, with 135 serving Singapore clients and 55 catering to overseas customers. The company said it is looking to double its overseas sales team over the next five years.