DBS
DBS has become a private banking power in southeast Asia, after an acquisition spree. Through 2016-17, it has integrated the regional private banking business it bought from Société Générale in 2014, and is doing the same with the ANZ wealth management businesses it purchased in 2016.
DBS also extended its reach to London this year when got a licence to service UK and international clients, particularly with Asia-centric wealth products and services. The bank says its Dubai office is also on the up, as DBS taps into prospects for the Middle East and North Africa. Assets under management are now $119 billion, covering some 30,457 clients regarded as high net-worth. Since 2013, DBS claims to have delivered a consistently strong compound annual growth rate of 9% in AuM, while growing its client base by an annualised 13% over that time.
Revenue has recorded a strong CAGR growth rate of 26% between 2012-2016. Non-interest income remains DBS Private’s key contributor to revenue growth, contributing 63% of overall revenue as at the first quarter of 2017.
DBS has endeavoured to keep the product offerings to its clients fresh and innovative. In 2017, it introduced a range of fund and bond-linked instruments and launched two new private equity funds and a global Reit fund with Japan’s Nikko.