When it comes to private banking in Singapore, no other firm can hold a candle to DBS Bank. That’s why Asia’s safest bank has swept up five of the Singapore private banking awards from Asiamoney this year.
Joseph Poon, head of the private banking group, deserves much of the credit for the work he has orchestrated. Under his leadership, DBS was able to overcome the worst of the Covid-19 crisis by leveraging its already strong digital platform to deliver wealth management insights virtually and support clients’ growing online investment activity. Thanks to that quick pivot, global private banking client assets grew 7% year on year in 2020 to S$264 billion ($200 billion), while fee income jumped 11% and investment registered record growth.
What is impressive beyond the numbers is the fact that DBS ticked all the right boxes across the spectrum of the private banking universe.
Take its family office business, set up in 2019 and led by Lee Woon Shiu, regional head of wealth planning, family office and insurance solutions. Singapore’s standing as a family office hub meant that DBS, as the country’s largest bank, was well-positioned to capture opportunities in the market.