Singapore is attracting a surge of Russian investment as rich business people seek a politically stable home for their personal wealth as well as exposure to Asia’s rapid recovery from the global financial crisis.
Singapore is attracting a surge of Russian investment as rich business people seek a politically stable home for their personal wealth as well as exposure to Asia’s rapid recovery from the global financial crisis.
Officials and bankers say significant sums have been deposited in the island state’s booming private banking sector, with Russian money also flowing into the stock market through investments in property and luxury services companies.
Michael Tay, a former Singapore ambassador to Moscow who now heads the Asia-Pacific Economic Co-operation secretariat, said in an interview with the Financial Times that some Russian shipping and IT companies were also considering listing in Singapore.
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“They are exploring it, keeping the options open. Some of them are considering initial public offerings,” said Mr Tay, who since 2006 has run an annual forum in Singapore at which Russian business people can meet Singapore’s political and business leaders.
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