DBS' Chief Executive says the Singapore bank is snapping up just as many client assets in Asia as Swiss rivals, while producing stronger income growth.
DBS CEO Piyush Gupta said the rapid implementation of digital services and solutions across his bank's wealth management business is boosting revenue and speeding up asset gains, as finews.asia reported earlier on Thursday. Gupta also said the digital roll-out meant more «stickiness» in client retention, in a question-and-answer session with media.
Gupta claimed DBS' wealth unit enjoys as much success in attracting new money in Asia as Swiss powerhouse UBS, which recently reported a 37 percent spike in net new money last year. DBS doesn't report how much in fresh funds its individual units took in.
New Sources of Wealth
He stressed DBS' cost-income ratio, which he asserted was well below that of wealth rival Citi private bank, as a key benefit. DBS says it is squeezing more out of its bankers: Gupta said the bank's client-facing staff are in the top percentile of market productivity.
The wealth management business of Singapore's largest bank garnered strong inflows from the usual sources last year: Southeast Asia, Hong Kong and China, but is also increasingly drawing assets from Europe, the Middle East, and Africa.
