Bahrain $18 Billion Sovereign Wealth Fund Mumtalakat Invests in New Digital Bank Singapore Gulf Bank as Strategic Partner Founded by Singapore Private Investment Group Whampoa Group, Whampoa Group Chairpersons & Founders are Lee Han Shih & Amy Lee, Lee Han Shih is Family Member of Co-founder of Singapore Top 3 Largest Bank OCBC Group, Amy Lee is Niece of Singapore First Prime Minister Lee Kuan Yew & Ex-CEO of International Law Firm Hogan Lovells in Singapore
2nd March 2024 | Hong Kong
Kingdom of Bahrain $18 billion sovereign wealth fund Mumtalakat Holding Company has announced to invest in a new digital bank Singapore Gulf Bank (SGB) as a strategic partner. Singapore Gulf Bank is founded by Singapore private investment group Whampoa Group, with Chairpersons & founders Lee Han Shih & Amy Lee. Lee Han Shih is a family member of co-founder of Singapore top 3 largest bank OCBC Group and Amy Lee is the niece of Singapore first prime minister Lee Kuan Yew & ex-CEO of international law firm Hogan Lovells in Singapore. Amy Lee’s father is Dennis Lee Kim Yew, who is the brother of Lee Kuan Yew. Dennis Lee Kim Yew, Lee Kuan Yew & wife of Lee Kuan Yew (Kwa Geok Choo) had founded Singapore law firm Lee & Lee in 1955. Lee & Lee is one of the leading law firm in Singapore alongside law firms including Drew & Napier & Allen & Gledhill. Whampoa is a privately held investment group committed to high-growth, future-forward investments that improve society. Whampoa Group leadership team includes Lee Han Shih, Amy Lee, Justin Han & Shawn Chan (CEO). Announcement: “The announcement was made in the presence of His Excellency Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat and the Co-Chairpersons of the Whampoa Group, Mr. Lee Han Shih and Madam Amy Lee. Mumtalakat’s investment will enable SGB to effectively launch and grow its business in Bahrain and follows SGB’s recent award of a banking licence by the Central Bank of Bahrain (CBB), marking a major milestone in Whampoa’s growth plans and ambitions in the Middle East and North Africa (MENA). SGB will offer a secure and integrated platform to access and manage conventional and digital assets and financial solutions, including round-the-clock real time settlement, trading connectivity, custody and asset management. It serves global investors, innovators and institutions looking for a differentiated digital banking experience. Serving as a bridge between Asia and the MENA region, SGB will be fostering financial connectivity and facilitating cross-border trade, particularly in the digital economy.” In 2024 January, Whampoa announced the appointment of former JP Morgan APAC Vice-Chairman Edmund Lee as Chairman of Singapore Gulf Bank (SGB). Edmund Lee is the founding Chairman of Asia Gulf Holdings, the parent company of Singapore Gulf Bank. In 2023, Whampoa appointed former JP Morgan Regional Head & Vice-Chairman of Central & Eastern Europe, Middle East & Africa Ali Noosa as Executive Vice-Chairman of Singapore Gulf Bank (SGB). More info below:
“ Bahrain $18 Billion Sovereign Wealth Fund Mumtalakat Invests in New Digital Bank Singapore Gulf Bank as Strategic Partner Founded by Singapore Private Investment Group Whampoa Group, Whampoa Group Chairpersons are Lee Han Shih & Amy Lee, Lee Han Shih is Family Member of Founder of Singapore Top 3 Largest Bank OCBC Group & Amy Lee is Niece of Singapore First Prime Minister Lee Kuan Yew & Ex-CEO of International Law Firm Hogan Lovells in Singapore “
Aureole Foong, Co-CEO of Singapore Gulf Bank: “SGB is honoured to have been trusted with a banking licence by the Central Bank of Bahrain, and to mark this important achievement with a demonstration of strong support and commitment from such a prestigious investor as Mumtalakat. With this partnership, we are dedicated to working closely with CBB and the broader Team Bahrain to drive innovation in the financial services industry and foster global financial connectivity.”
His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat: “Mumtalakat is excited to be partnering with Whampoa Group to launch and grow SGB in the MENA region. Today’s announcement underscores our commitment to fostering innovation and economic growth in Bahrain and our belief in the transformative potential of digital banking that SGB offers. The financial services sector remains a cornerstone of Bahrain’s economy and we are proud to contribute to its development through this investment.”
Whampoa is a privately held investment group committed to high-growth, future-forward investments that improve society. Whampoa Group leadership team includes Lee Han Shih, Amy Lee, Justin Han & Shawn Chan. Amy Lee’s father is Dennis Lee Kim Yew, who is the brother of Lee Kuan Yew. Dennis Lee Kim Yew, Lee Kuan Yew & wife of Lee Kuan Yew (Kwa Geok Choo) had founded Singapore law firm Lee & Lee in 1955. Lee & Lee is one of the leading law firm in Singapore alongside law firms including Drew & Napier & Allen & Gledhill.
Mumtalakat is a long term investor with an assertive ambition to pursue growth and development with the leadership teams of the assets we own. We envision a bright and profitable future with ideas and imagination that bring sustained superior performance. Since our formation in 2006, Mumtalakat has created a dynamic, balanced portfolio of investments across a selective range of asset classes, businesses, sectors, and geographies.
Bahrain $18 Billion Sovereign Wealth Fund Mumtalakat Invests in New Digital Bank Singapore Gulf Bank as Strategic Partner Founded by Singapore Private Investment Group Whampoa Group, Whampoa Group Chairpersons & Founders are Lee Han Shih & Amy Lee, Lee Han Shih is Family Member of Co-founder of Singapore Top 3 Largest Bank OCBC Group, Amy Lee is Niece of Singapore First Prime Minister Lee Kuan Yew & Ex-CEO of International Law Firm Hogan Lovells in Singapore
28th February 2024 – Bahrain Mumtalakat Holding Company (Mumtalakat), the Sovereign Wealth Fund of the Kingdom of Bahrain, alongside its strategic partner Whampoa Group, a privately-held investment group headquartered in Singapore, announced today that Mumtalakat will be investing in Singapore Gulf Bank (SGB), a new digital bank backed and founded by Whampoa. The announcement was made in the presence of His Excellency Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat and the Co-Chairpersons of the Whampoa Group, Mr. Lee Han Shih and Madam Amy Lee.
Mumtalakat’s investment will enable SGB to effectively launch and grow its business in Bahrain and follows SGB’s recent award of a banking licence by the Central Bank of Bahrain (CBB), marking a major milestone in Whampoa’s growth plans and ambitions in the Middle East and North Africa (MENA). SGB will offer a secure and integrated platform to access and manage conventional and digital assets and financial solutions, including round-the-clock real time settlement, trading connectivity, custody and asset management. It serves global investors, innovators and institutions looking for a differentiated digital banking experience. Serving as a bridge between Asia and the MENA region, SGB will be fostering financial connectivity and facilitating cross-border trade, particularly in the digital economy. Bahrain’s well-established financial services and innovation hub, fast-growing diversified economy, and strategic location at the heart of the Arabian Gulf, make it an ideal destination for SGB. SGB will support the development of Bahrain’s digital banking ecosystem and will see the Kingdom become the first in the region to allow offshore onboarding of banking clients. It further supports Mumtalakat’s wider efforts to diversify its portfolio and facilitate the continued transformation of Bahrain’s economy.
Whampoa is a privately held investment group committed to high-growth, future-forward investments that improve society. Whampoa Group leadership team includes Lee Han Shih, Amy Lee, Justin Han & Shawn Chan (CEO). Amy Lee’s father is Dennis Lee Kim Yew, who is the brother of Lee Kuan Yew. Dennis Lee Kim Yew, Lee Kuan Yew & wife of Lee Kuan Yew (Kwa Geok Choo) had founded Singapore law firm Lee & Lee in 1955. Lee & Lee is one of the leading law firm in Singapore alongside law firms including Drew & Napier & Allen & Gledhill.
- Lee Han Shih is from one of the pioneering business families in Southeast Asia. Their reach includes commodities (Lee Rubber Group), insurance (Great Eastern Insurance), real estate (Bukit Sembawang) and banking (OCBC Bank). Han Shih is the Founder and Head of the Potato Group, an investment conglomerate with a portfolio of over 200 companies active globally in technology, media and social enterprise. He is an Executive Director of the Lee Foundation, South East Asia’s largest private charitable foundation.
- Amy Lee was a Senior Partner at Lee & Lee, a renowned Singaporean law firm co-founded by her father, Mr Lee Kim Yew, uncle, Mr Lee Kuan Yew and his wife, Ms Kwa Geok Choo. She was later the Singapore CEO of international law firm, Hogan Lovells. Today, she serves as a Board Member of her family’s investment company, LKY investments. Throughout her career, she also sat on the boards of Clifford Capital Holdings and Infraco Asia.
- Justin Han has managed the Lee family’s investments and businesses in China since 2010. In that time, he has overseen over US$5 billion of cross-border trade and M&A, investing in a portfolio of technology companies and joint ventures with industry-leading partners including ByteDance and CATL. He has been based in Beijing since 2009.
- Shawn Chan has over 10 years of experience in legal practice, including time at an international law firm and Bank of America, London (Investment Banking). His area of expertise includes Corporate Finance, Mergers & Acquisition and Financial Regulations. Shawn holds a Bachelor of Law from National University of Singapore. He is dual qualified in Singapore and England and Wales.
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