Philippines-monopoly lender, BDO Private Bank, is poised to double its income to P1.2 billion by December from P540 million last year driven by a growing base of ’emerging wealthy’ clients, writes Caroline Ng.

Gamalielh Ariel O. Benavides, senior vice president of BDO Private Bank, told Private Banker International that the bank also expects to exceed its assets under management target of P240 billion by year end having crossed the P230 billion mark this month.

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"The bank is still experiencing a strong increase in flows of investible funds, financial assets as well as non-financial assets contributed by clients for administration and management," said Benavides.

The Makati-based bank was created from a local subsidiary of Spain’s Banco Santander when tycoon Henry Sy acquired it a decade ago. Since then, the lender said managed funds have grown from P7 billion to P240 billion, reflecting a booming wealth management sector.

The average balance for clients also grew nearly five times to P32 million from P7 million during this period.

Apart from traditional high-income clients who are typically from old rich families, the so-called ‘noveau riche’ clients, including entrepreneurs and young professionals have changed the private banking landscape with different investment needs.

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Wealth accumulation is now a growing focus unlike capital preservation of previous generations.

"We address the domestic wealthy’s growing need for wealth accumulation, wealth consolidation, wealth distribution and legacy building," Benavides added.