According to a recent report, Singapore’s largest bank DBS is now the fifth largest private bank in Asia-Pacific by assets under management.
The latest study by wealth industry journal, Private Banker International,«PBI Top 20 Asia-Pacific Assets Under Management (AUM) Rankings», (registration required) shows the Singapore headquartered bank broke into the top 5 in Asia-Pacific, after jumping three spots from its No. 8 placing in last year’s rankings.
The growth of DBS’ wealth management franchise has been fuelled by the organic growth of emerging Asian new wealth and also by the successful execution of its wealth continuum.
Momentum After Acquisition
Following the successful acquisition of Société Générale Private Banking Asia in 2014, DBS Private Bank continued to grow.
It has also consistently achieved growth in the region of 20 percent annually since 2010. As of June 2016, DBS’ high net worth assets under management (HNWIs with more than SGD1.5 million each in investible assets) and assets under management for all wealth customers stood at SGD104 billion and SGD151 billion respectively.
«We are delighted to be ranked among the top five in Asia and to represent Singapore in the rankings. Despite facing a challenging volatile market, our wealth business remains robust. We are committed to growing our wealth business,» said Tan Su Shan, Group Head of Consumer Banking & Wealth Management at DBS Bank.
