Singapore-based DBS is targeting to grow its wealth management assets by over a third in the coming years.
By 2026, DBS aims to grow its wealth management assets to S$500 billion ($371 billion), according to a «Reuters» report citing group head of consumer banking group and wealth management Shee Tse Koon, up 37 percent from S$365 billion at end-2023. The bank is also targeting to double the number of clients with at least S$1 million in assets in the same period.
«[T]he market is actually kind of at the cusp of a recovery because rates are peaking so as rates come down, markets pick up,» Shee said.
Money Laundering Scandal
On the S$3 billion money laundering scandal which saw DBS hold S$29 million of funds linked to the convicted individuals, according to court documents, Shee noted that Singapore’s regulatory regime has always been robust.
«However, criminals will adapt their behavior, so we have to evolve with the new typologies of these criminals in order to be one step ahead of them,» he added.
