RETAIL BANKING | Staff Reporter, Singapore

DBS Bank to invest S$250m in private banking over the next 5 years

Its new platform targets high net worth individuals with investible assets of S$1.5m and up.

In a release, DBS Bank announced plans to invest a further SGD 250 million over five years to take private banking in Asia to a new level. The investment reinforces DBS’ commitment to executing against strategy to become a leading wealth manager in Asia, in line with one of the bank’s strategic priorities.

DBS officially launched DBS Treasures Private Client in Singapore and Hong Kong, as an extension of the DBS Private Bank offering. With this launch, DBS is now uniquely placed as it can provide two distinct platforms to cater to the fast-growing population of HNWIs in Asia:

.. DBS Treasures Private Client, a newly-created platform, is specially designed for clients with investible assets of SGD 1.5 million and up. The platform offers a unique pairing of personalised banking and private banking solutions, providing customers with access to a comprehensive range of investment products and services, coupled with the ease of banking and priority access at DBS’ network of over 200 branches in Asia. Significantly, customers are also able to access all consumer and private banking services easily via a single touch point.

.. DBS Private Bank for HNWIs with over SGD 5 million in assets. The private bank, which has been significantly enhanced, provides bespoke solutions to wealthy individuals who want their personal wealth and business needs to be taken care of in a seamless manner. In addition to a broad range of investment products and services, DBS Private Bank clients will also be able to tap into the bank’s expertise in corporate lending, capital markets and investment banking.

Tan Su Shan, DBS Group Head of Wealth Management, said, “High Net Worth Individuals differ in their investment preferences, risk appetite and needs. To further raise our game, we’ve also invested in building up our capabilities: among them, a first-of-its-kind online banking platform in the region which integrates retail banking and private banking functionalities.”

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