Frankfurt-based Deutsche Bank is betting on the ultra-rich in Asia with plans to double private banking revenue from the region in five years.
Deutsche Bank aims to double private banking revenue from Asia by 2027, according to a «Bloomberg» interview with Young Jin Yee, head of international private bank (IPB) for the region.
The German private bank plans to achieve this target with just a 30 percent increase in the number of relationship managers during the same period. The hiring of senior wealth executives in the region is already underway with a focus on three core markets: North Asia, global and onshore India as well as Southeast Asia.
North Asia is the biggest of the three, accounting for around 40 percent of the bank’s assets under management in APAC.
Minimum Threshold
In Asia, Deutsche Bank IPB is currently targeting entrepreneurs with a minimum of 50 million euros ($55 million) in investable assets with the bank or an overall net worth of 150 million euros. The bank is also reviewing whether or not to increase the minimum threshold.
«[Everyone] has to do more with their clients,» Young said.
Size Doesn’t Matter
According to Young, Deutsche Bank aims to be the best private bank in the region but it does not define this success by size.
«Size doesn’t matter. We want to be the bank that clients want to bank with, especially for entrepreneurs and their families,» added Young, who previously spent 20 years at Credit Suisse.
«Growing for the sake of growing to be on the league table, then things can fall through the cracks. That happens when you try to grow at all costs.»
