DBS Group is focusing on S$500 billion (US$369.7 billion) in belongings underneath administration for its wealth enterprise by the tip of 2026, as reported by Reuters.
The announcement comes because the DBS advantages from sturdy inflows into Singapore, pushed by the city-state’s political stability, low taxes, and favorable insurance policies for household workplaces and trusts.
In 2023, DBS achieved a file S$365 billion in wealth belongings, marking a 23% progress. The financial institution companies greater than a 3rd of Singapore’s household workplaces.
Shee Tse Koon
In keeping with Shee Tse Koon, Group Govt and Group Head of Client Banking and Wealth Administration at DBS, the market is predicted to get well as rates of interest stabilise and decline, which ought to increase market exercise.
Shee, who has been with DBS for almost eight years, expressed confidence in reaching the 2026 goal barring any sudden main occasions.
DBS additionally goals to double its rich shopper base, these with at the very least S$1 million in belongings, by the tip of 2026. The financial institution has already elevated its prosperous and high-net-worth shoppers by over 50% up to now two years.
In keeping with the Capgemini Analysis Institute’s World Wealth Report 2024, international high-net-worth particular person wealth and inhabitants grew by 4.7% and 5.1%, respectively, in 2023, reversing the declines seen in 2022.
The report additionally famous an enchancment in danger urge for food among the many rich, with money holdings reducing to 25% of portfolio totals in January 2024 from 34% a yr earlier.
Wealth administration has turn out to be a key income driver for Singaporean banks, together with DBS, which not too long ago posted file quarterly outcomes and projected greater web earnings than final yr’s file.
