Singapore's largest lender bolstered its affluent banking offering in Taiwan opening a new stand alone branch. More wealth units are planned for the country.
DBS launched its third Asia-focused wealth management unit for affluent clients. The Singapore-based bank inaugurated a new treasures private client services branch in Taipei, according to a report from the «Taipei Times».
The latest branch targets clients with 30 million New Taiwan dollars ($987,297) in assets, and will provide financial services, travel privileges and financial planning. Taiwan is the third market DBS offers treasures private client services along with Singapore and Hong Kong.
Digital Wealth
Wealthy clients have grown at DBS following its acquisition of ANZ's Asian retail and wealth management businesses in 2017. The acquisition connected a large customer franchise to DBS in Taiwan, where the bank added close to 520,000 customers, expanding its base by 2.5 times.
With the larger scale the bank will begin to roll out its digital wealth tools in the country. The launch of iWealth, its all-in-one banking and wealth management platform, will be introduced in Taiwan in the third quarter of 2019.
