Singapore’s DBS Group is aiming to surge its private banking assets by 40% to $100bn in less than three years by targeting millionaires in its home market and the Greater China region.
DBS Group is generating strong asset growth in its home market, where there are more than 100,000 millionaires, and in China, where sectors such as technology and real estate are adding to the millionaire population, the group’s head of wealth management Tan Su Shan told the Reuters Wealth Management Summit.
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"For both onshore and offshore in China, we’re seeing very good, double-digit growth," she said.
"China now wants to do wealth management in a big way. The speed of change, the recognition that the RMB is an international currency, the wide use of the RMB, the opening up of the capital account, the flow of North-South-South North, to me it’s all very exciting and it represents what is the single biggest trend for us in Asia," Reuters quoted her as saying.
DBS, which manages SGD96bn ($71bn) at its private bank, is considering alliances with companies in the technology space, travel companies, luxury retailers in China to gain a better foothold in the market.
Shan said: "The old style of wealth management and sales – create the product, get the relationship manager to sell, sell sell – doesn’t work anymore."
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By GlobalData"In the wealth management space onshore, an ideal partner would be someone who is already looking after the targeted clients, who may want to then have a good bank that’s able to do part of the infrastructure for them," she added.
