DBS Earmarks S$250 Million Investment, Targets Affluent Market With New Platform

Tara Loader Wilkinson

20 September 2011

DBS Bank, Singapore’s largest lender, has announced plans to invest S$250 million ($198 million) in its wealth franchise over the next five years, which will include growing a new affluent segment called DBS Treasures Private Client.

The additional SGD 250 million investment in Singapore and Hong Kong will be directed at further developing the wealth franchise’s people, products and platform, said the bank.

DBS Treasures Private Client, a newly-created platform, is designed for clients with investible assets of SGD 1.5 million and up. The platform offers personalised banking and private banking solutions, and priority access at DBS’ network of over 200 branches in Asia.

The new segment complements DBS Private Bank - which caters to HNW individuals with over S$5 million in assets.

Tan Su Shan, DBS group head of wealth management, said, “HNW individuals differ in their investment preferences, risk appetite and needs. In recognition of this, we are very pleased to extend our Private Bank offering with the launch of DBS Treasures Private Clients."

She said that the bank has also invested in building an online banking platform in the region which integrates retail banking and private banking functionalities.

Tan told WealthBriefingAsia in an interview this month that the bank has rolled out a number of strategic initiatives to bolster its HNWI team, including setting up an alternatives team, ramping up its family office and philanthropy advisory business and making a number of senior hires.

As part of efforts in the wealth business, DBS also launched its first-ever brand campaign for HNWIs. Spanning Singapore and Hong Kong, the three- month long campaign encompasses television, print, outdoor and online media, and represents a concerted effort to raise the bank’s profile among HNWIs.

As at the end of August 2011, DBS Wealth Management employed nearly 450 staff in Asia to serve HNWIs. To grow the HNWI segment DBS will focus on strengthening its private banking headcount in China - one of its fastest-growing markets. In addition, DBS Private Bank will also establish an international desk covering the Middle East and other international emerging markets by end of 2011, to tap rising demand for wealth management services in these regions and the growing interest in investing in Asia.