Singaporean lender DBS Bank is reportedly seeking to grow its wealth management and fee income by 25% in Taiwan this year.
The firm that is looking to aggressively strengthen its affluent client portfolio has also opened a new location near Huashan Creative Park in Taipei’s Zhongzheng District.
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DBS Bank Taiwan general manager Jerry Chen said that the company is hopeful of achieving 25% growth in wealth management and fee income with economic conditions improving at home and foreign markets.
The company is looking to leverage wealth management demand with the recent deregulation of offshore banking units, added Chen.
DBS Bank has earned TWD$495m (US$16.38m) in pretax income during the first quarter, a three-fold growth as compared to TWD$155m posted in 2013, reported Taipei Times.
However, the bank fell short by a long mile when compared to pretax income of its counterparts including Citibank with TWD$2.55bn, and HSBC Bank with TWD$1.62bn.
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By GlobalDataDBS, meanwhile, has welcomed claimed that though it is not clear on how the proposed free economic pilot zones could benefit DBS’ operations in Taiwan, but welcomes the government’s plan to create a regional champion among domestic financial institutions.
The Chinese Financial Supervisory Commission has cited DBS as an example for local banks to strengthen their business through acquisitions and mergers.
