Siemens Bank, the financing arm of Germany-based technology giant Siemens, has obtained a licence from the Monetary Authority of Singapore (MAS) to operate as a merchant bank in the country.

The new office will enable the lender to provide project and structured finance lending for businesses and governments in Asia and Australia and offer selected finance advisory services for the Siemens group companies in the region.

Earlier in 2016, Siemens Bank has financed projects with assets totalling €26bn ($28bn), including more than €3bn in Asia and Australia.

Siemens Bank CEO and Siemens financial services division CEO Roland Chalons-Browne said: “The decision to open a branch of Siemens Bank in Singapore was a logical step to expand our local footprint in Asia-Australia, so as to get involved in the local project financing market at an early stage and to better support local Siemens sales."

Armin Bruck, CEO of lead country Singapore at Siemens, said: “The opening of the Siemens Bank Singapore Branch will enable us to support further infrastructure, energy and healthcare projects for Siemens in Asia-Australia. We can now provide our customers not only with innovative technological solutions, but with tailor-made financing as well."

Anton Conradie has been named as general manager while Hugo Teixeira will serve as deputy general manager for the new branch.

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Munich-based Siemens Bank has presence in Germany, the UK and Singapore. The Siemens Bank Singapore Branch is the second branch opened since the bank's inception in 2010. The first one was set up in London in 2012.