DBS unveils new platform for wealth clients

DBS unveils new platform for wealth clients
Posted: 26 April 2011 1955 hrs
 
SINGAPORE: As part of its strategy to grow wealth management assets from US$35 billion to US$50 billion in the next three years, DBS is ramping up its offerings to the high net-worth segment.

DBS has unveiled Treasures Private Client, a one-stop shop of private banking and consumer banking solutions.

Analysts say the number of high net worth individuals, with upwards of US$1 million of investable assets, is set to grow by 40 per cent in Asia in the next three years.

Wealth amassed by high net-worth individuals in Asia is seen growing by US$80 billion in the next three years.

In line with one of DBS' strategic priorities to grow a leading wealth management franchise, the bank is rolling out Treasures Private Client.

The bank said the platform will bring the best of both worlds from private and priority banking for high net worth individuals.

DBS also said the new platform will have a team of 200 staffers, of whom 30 to 40 per cent will be new hires.

DBS Treasures MD & regional head Pearlyn Phau said: "We will roll Treasures Private Client out to Singapore and Hong Kong as these are the two key markets.

"We will roll it out to the rest of our key markets in due course. In terms of the growth of our customers in the US$1-3 million wealth bands, we see exponential growth in the next three years. So yes, this will be the target market we're looking at".

DBS said it is the first local bank to put together such an offering for the high net-worth segment.

The bank also said it hopes to see double digit growth in revenues from the new product offering.

DBS Wealth Management group head Tan Su Shan said: "This is going to be one of the big strategies that will help us to grow our strategy in wealth.

"This basically speaks to the fact that we want to be an Asian wealth management bank.

"We hope it will be good, we hope to see double digit growth".

DBS said the offering is being rolled out first in Singapore and Hong Kong and starting next year, in its other key markets such as Indonesia, India and China.

-CNA/wk

- wong chee tat :)