Singapore’s DBS is positive about the future of its wealth management business, reportedly sharing optimistic forecasts on the growth of its fee income and assets under management.
By 2027, DBS aims to double the fee income in its wealth management business, according to a «Bloomberg» interview with Shee Tse Koon, head of consumer and wealth banking.
At the end of 2023, DBS posted S$2 billion ($1.6 billion) of net fee and commission income within the consumer banking and wealth business in 2023.
AUM Projection
In addition, the bank expects assets under management across its wealth management business, including private banking, to grow to S$500 billion during the period, up from S$396 billion as of the end of June 2024.
Commenting on the ultra-rich segment, Shee also noted that the bank currently handles one-third of Singapore’s 1,650 single family offices.
