What is the background to your applying for this license in Singapore
Brutsch The bank has made a five year plan and it wants to grow assets under management. It was quite obvious to management that a substantial part of that growth would have to come from Asia. The logical consequence of that was to open a branch in Asia and it was also logical to choose Singapore - since it has the most compelling environment as a booking centre in the region. We made the decision a year ago.
Why was Singapore chosen over Hong Kong
Singapore is a good environment for...