DBS Group is to invest
an additional SGD250m ($197m) in its private banking division in
the next five years.

The spending boost will
include setting up desks covering the Middle East and other
international emerging markets by the end of 2011.

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DBS will also focus on
strengthening its private banking headcount in China and boosting
its staff numbers, product range and its wealth platform to grow
its high net worth (HNW) client base, the bank said.

 

Asian players
target affluent customers

DBS’s move to segment
its wealth management business is part of a drive among Asian banks
to leverage their large and increasingly affluent customer
bases.

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The announcement comes
as the Singapore-headquartered private banking business of DBS
Group officially launched its DBS Treasures Private Client platform
after a soft-launch of the platform across Asia in
April.

DBS Treasures Private
Client caters for affluent clients with investible assets of
SGD1.5m-plus and DBS Private Bank serves HNW clients with
SGD5m-plus in assets.

 

40% AuM growth
by 2013

The Asian wealth manager
said it had also set up an alternative investments team and
increased its family office and philanthropy advisory
business.

DBS Wealth Management,
the unit that covers both the Treasures and Private Bank offerings,
employs nearly 450 staff across the region.

It has around $35bn in
assets under management (AuM) in the SGD1.5m-and-above bracket and
aims to increase AuM by 40% by 2013, to $55bn, Tan Su Shan, DBS
Group head of wealth management, told PBI in
April.