DBS aims to make DIFC unit a hub
Branch to serve as a strategic office for bank’s Mideast wealth management business
DBS, south-east Asia’s largest bank, said yesterday it wants to expand its Dubai International Financial Centre (DIFC) branch into a strategic hub for its Middle East’s private banking and wealth management business.
DBS is among the top six wealth managers in terms of assets under management (AUM) for Asia (ex-China onshore).
Over the next five years the bank wants to make significant inroads into the wealth management market in the region, tapping into the fast growing regional wealth pool.
“There is a growing demand for Asian asset classes from the Middle East investors,” said Su Shan Tan, managing director and group head of Consumer Banking and Private Banking at DBS.
“Catering to a growing wealth segment that looks towards Asia for investment opportunities, DBS aims to make its Dubai office a strategic hub for its Middle East private banking arm, positioning itself as the partner of choice for clients wishing to access the Asian market.”
With a foothold in fastgrowing Asian markets such as China, India and the Association of Southeast Asian Nations (Asean), the bank offers access to investment opportunities, including private equity.
Being an Asian bank, our relations in key Asian markets are deep rooted and we are in a position to meet the demands of the Middle East’s wealthy individuals wanting exposure to these fast growing economies.” Su Shan Tan | Managing director and group head of Consumer Banking and Private Banking at DBS
Big surge
DBS officials are seeing a big surge in Middle East investors moving their wealth into Asian asset classes while using Singapore, which has emerged as a major assetbooking centre in Asia, as their place of choice for wealth management.
“Being an Asian bank, our relations in key Asian markets are deep-rooted and we are in a position to meet the demands of the Middle East’s wealthy individuals wanting exposure to these fast growing economies,” Tan said.
With over S$518 billion (Dh1.38 trillion) in assets, DBS is strongly positioned to be the Asian partner for a growing Middle East investor segment.
Along with its expansion plan, DBS also unveiled its new and expanded office premises located at the DIFC, where it aims to double the headcount for its private banking operations by 2023.
Established in March 2006, DBS’ Dubai branch became the first Singapore-based bank to receive a banking licence at the DIFC.
Over the past seven years, the total revenue of DBS’ Dubai branch has witnessed a significant growth rate of 20 per cent per annum.
The bank aims to triple its revenue over the next five years by focusing on increasing client diversity, spread and penetration.