Bordier & Cie, the Geneva-based private banking house, is to expand into Asia by launching a new unit in Singapore.

The Swiss firm has announced it acquired a banking licence for Singapore, which it will put into effect by commencing operations in the Asian financial hub on 1 February.

The new unit, Bordier & Cie Singapore, will be headed up by Edvard Bordier, a partner at the firm. Bordier has been managing and developing Banque Bordier International Bank & Trust since 1999.

The Singaporean unit will offer regional clients the same services as its Swiss counterpart, the firm said in a statement.

Bordier & Cie was founded in Geneva in 1844. It employs around 200 people based in offices in Bern, Nyon, Zurich, Turks and Caicos, Paris, London and Montevideo.