DBS intends to tap into Asia's burgeoning wealth by increasing the number of client-facing bankers by as much as 20 percent.
Lawrence Lua, deputy private-banking head at Singapore's largest bank, said the company will increase its wealth unit staff by as much as 20 percent this year. The private banking team is 200 strong at present.
DBS is beefing up its headcount to capture more of the wealth in the booming Asian economies, Lua said in an interview with «Bloomberg.» DBS Chief Executive Piyush Gupta stated last March that his ambition in the next few years is to have the wealth management unit contributing as much as a fifth of the bank's total income.
Acquisitions and Organic Growth
Lua joined DBS Private Bank in 2011 and has been instrumental in driving the bank’s private banking business, together with Tan Su Shan, group head of consumer banking and wealth management,.
DBS ranks sixth among the the biggest private banks in Asia-Pacific on finews.asia's latest AUM table. The bank also scored with major moves during 2016, agreeing a deal with ANZ for the Melbourne-based bank’s wealth management and retail banking businesses in Singapore, Hong Kong, China, Taiwan and Indonesia.
