DBS wants more private bankers to tap Asia's ultra rich

It eyes boosting its current pool of 200 private bankers by 10-20%.

DBS Bank is planning to hire more private banking relationship managers to tap into Asia's growing wealth market that reached $18t in 2016, Bloomberg reports. In 2018, DBS will increase headcount between 10% and 20% adding to the bank's existing 200 private bankers.

According to Bloomberg, DBS deputy private banking head Lawrence Lua said in an interview that hiring will be spread across teams covering Southeast Asia, North Asia, and international markets. "Our clients, the wealthy, have grown their businesses. They have cash flow, more liquidity," Lua said.

He added, "Asians tend to be more transactional in nature. "In the longer run, if they believe in the relationship, and they believe that there is a value proposition in the service provider, they will pay a fee."