Rich individuals from Europe and the Middle East are moving money from Switzerland to Asia, said Renato de Guzman, who heads private banking at Oversea-Chinese Banking Corp. after it acquired Asian assets of ING Groep NV.

“It’s a favourable trend,” Guzman said in an interview on Jan 27. He takes the helm at the Singapore-based bank’s unit today after having been ING’s Asia private banking head since 2000. “Having a Singapore bank with no ties to Switzerland is an attractive proposition for a lot of them.”