Speaking in Singapore at the DBS Group Holdings first quarter briefing CEO Piyush Gupta said he was delighted with the robust and stable growth of the bank’s wealth management segment.
Consumer Banking/Wealth Management income rose 29% to SGD 861 million, with the Wealth Management segment growing 41% to SGD 365 million. This represented a healthy 35% quarter on quarter uplift.
Wealth management contributions rose 43% from higher unit trust and insurance sales underpinned by the units multiple product engines and broadening geographic reach. The integration of Societe Generale’s Asian private banking business has dovetailed well with DBS’s own wealth management offering.
The Singaporean bank recently signed a 15-year regional distribution agreement with Manulife Financial Asia covering four mutually significant markets, namely Singapore, Hong Kong, China and Indonesia. Clearly under the dynamic leadership of Tan Su Shan the DBS Consumer/Wealth division is now making significant and consistent contributions to the overall bank earnings.
DBS is also embracing and utlising state of the art technology to expand its footprint into markets such as China and India where previously they may have considered brick and mortar offerings.
