DBS announced its expansion plans in the Middle East over the next five years, offering Asian opportunities to clients via its Dubai office.
Catering to a growing wealth segment that looks towards Asia for investment opportunities, DBS aims to make its Dubai office a strategic hub for the Middle East, positioning itself as the partner for clients wishing to access the Asian market.
«DBS believes that the UAE and Singapore are strongly linked by their shared values of innovation, technological progress and visionary thinking, making Dubai a natural choice for a regional hub,» said Tan Su Shan, group head of wealth management and consumer banking at DBS Bank, on Wednesday in Singapore.
Rising Number of Ultra High Net Worth
Wealth in the Middle East remains on the rise, with the number of UHNW clients with more than $500 million in assets in this region projected to increase by 28 percent to approximately 500 in 2022, according to data from Knight Frank 2018 Wealth Report.
«With Middle East client appetite for Asia wealth solutions growing, DBS is well-positioned to support our Middle East clients in accessing Asia’s growth opportunities through our strong Asian network, innovative investment solutions and world-class digital capabilities,» said Tan.
Senior-Level Appointment
In the next few decades, global economic growth will be underpinned by the growth in Asia. China, India and Indonesia will dominate the rankings of top economies in the world, based on a report by PricewaterhouseCoopers: «The World in 2050».
As part of its expansion plan, the bank also announced the senior-level appointment of Rudiger von Wedel as head of international at DBS Private Bank, effective 19 November this year.
Moving On
Based in Dubai, he takes over from Rob Ioannou, who will be moving on to lead DBS’ wealth, trust and estate planning business, as well as drive the build out of DBS’ Single Family Office offering and Australian desk.
Established in March 2006, DBS’ Dubai branch became the first Singapore-based bank to receive a banking license at the DIFC.
