DBS (DBSM.SI), Southeast Asia’s largest bank, said on Tuesday it plans to invest $250 millionover the next five years in its private banking business.
Half of the investment amount will go towards DBS’s technology platform, while the remaining funds will be evenly spread out between hiring staff, products and privileges for their clients, said chief operating officer of DBS wealth management Olivier Crespin.
DBS also launched a new private banking offering, DBS Treasures private client in Singapore and Hong Kong, for high net worth individuals with investible assets of $1.5 million and above.
The private bank has $45 billion in assets under management, and expects this to grow by an annualised double digit percent year-on-year in future, Tan Su Shan, head of wealth management at DBS told reporters at a news briefing.
Asia has become a battleground for global and local private banks, who are competing for market share in a region that is fast outpacing the United States and Europe in economic growth.
Powered by China and India, the Asia-Pacific region’s millionaire ranks rose 10% to 3.3 million, second only to the 3.4 million residing in North America and inching ahead of Europe, which had 3.1 million, according to the latest annual Merrill Lynch-Capgemini World Wealth Report.
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