“The Swiss National Bank opened its first overseas branch on Thursday, in Singapore, as it seeks to improve management of its huge foreign currency reserves, including more than $50 billion in Asian assets. The SNB has accumulated over 430 billion Swiss francs ($445 billion) in foreign currency defending the 1.20 per euro cap it imposed on the Swiss franc in 2011. The bank is looking to diversify these reserves, nearly half of which was in euros as of the first quarter of this year, partly by branching into Asian assets. Designed to improve the round-the-clock management of the reserves, Jordan said the Singapore office will allow the bank’s traders to operate in a favourable time zone.”
http://www.reuters.com/article/2013/07/11/snb-singapore-idUSL4N0FH0LO20130711
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