Asia: DBS Group to expand private banking teams in Asia

DBS plans to increase the number of relationship managers for its private banking customers to cover increasing demand within its private banking businesses across Asia.

The bank is planning to increase team sizes by 10% to 20% across South East Asia, North Asia, and India. Currently, DBS employs 200 private bankers across the region.

According to DBS, the improving global economy in recent years has contributed to sustained wealth accumulation among its clients in Asia. DBS plans to expand its private banking teams to service an estimated USD 19 trillion of this rapidly growing wealth in Asia.

According to RFi Group data, nearly half (49%) of top-tier customers in Singapore who hold investment products or have investable assets of SGD 1 million plus are open to receiving advice from their financial advisors prior to making decisions on non-stock investments.

DBS’ plans to increase its number of private bankers across Asia will enable it to address the unique investment needs of top-tier clients.

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