DBS Bank's S$250mn investment to raise the bar of Asia’s private banking

The lender launches DBS Treasures Private Client and other moves to take Asian private banking to a new level.

DBS Bank, which has made strides to build out its wealth franchise over the past year, on Tuesday announced plans to invest a further SGD 250 million over five years to take private banking in Asia to a new level. The investment reinforces DBS’ commitment to executing against strategy to become a leading wealth manager in Asia, in line with one of the bank’s strategic priorities.

Unlike traditional private banks that are standalone entities with a standardized approach to serving HNWIs, as part of an ambitious growth plan, DBS on Tuesday officially launched DBS Treasures Private Client in Singapore and Hong Kong, as an extension of the DBS Private Bank offering. With this launch, DBS is now uniquely placed as it can provide two distinct platforms to cater to the fast-growing population of HNWIs in Asia:

• DBS Treasures Private Client, a newly-created platform, is specially designed for clients with investible assets of SGD 1.5 million and up. The platform offers a unique pairing of personalised banking and private banking solutions, providing customers with access to a comprehensive range of investment products and services, coupled with the ease of banking and priority access at DBS’ network of over 200 branches in Asia. Significantly, customers are also able to access all consumer and private banking services easily via a single touch point.
• DBS Private Bank for HNWIs with over SGD 5 million in assets. The private bank, which has been significantly enhanced, provides bespoke solutions to wealthy individuals who want their personal wealth and business needs to be taken care of in a seamless manner. In addition to a broad range of investment products and services, DBS Private Bank clients will also be able to tap into the bank’s expertise in corporate lending, capital markets and investment banking.

Taking Private Banking in Asia to a New Level

DBS has rolled out a number of strategic initiatives to bolster its capabilities and add depth of experience to the team to cater to the changing needs of Asia’s HNWIs.

These include setting up an alternatives team to deepen its suite of alternative investment offerings, ramping up its family office and philanthropy advisory business as well as deepening its bench strength.

The additional SGD 250 million investment in Singapore and Hong Kong will be directed at further developing the wealth franchise’s people, products and platform. This is aimed at boosting DBS’ ability to provide a suite of tailor-made Asian-centric solutions and services to Asia’s wealth clients.

As part of efforts to up the ante in the wealth business, DBS also launched its first-ever brand campaign for HNWIs. Spanning Singapore and Hong Kong, the three month long campaign encompasses television, print, outdoor and online media, and represents a concerted effort to raise the bank’s profile among HNWIs.

Deepened Bench Strength

To support its growth ambitions, DBS continues to invest in people. As at end- August 2011, DBS Wealth Management employs nearly 450 staff across the region to serve HNWIs.

They include several key hires such as:

• Olivier Crespin, Chief Operating Officer
• Lim Say Boon, Chief Investment Officer
• Lawrence Lua, Head of Southeast Asia and South Asia
• Robert Kung, Head of China
• Bryan Goh, Head of Alternatives
• Terry Alan Farris, Head of Family Office

Going forward, to grow the HNWI segment, DBS will focus on strengthening its private banking headcount in China, which remains one of its fastest-growing markets. In addition, DBS Private Bank will also establish an international desk covering the Middle East and other international emerging markets by end 2011, to tap rising demand for wealth management services in these regions and the growing interest in investing in Asia.

Developed More Innovative Solutions

Following the internationalisation of the RMB, DBS was a first-mover in the CNH space. Moving forward, DBS will roll out more products, such as private equity funds and hedge funds, in the alternatives space. The bank will also continue to offer more bespoke Asian products to help customers unlock investment opportunities in the region.
Apart from a wide range of Asian-centric innovative wealth management offerings, DBS also provides tailor-made premium travel and leisure services to complement the HNWI lifestyle.

Enhanced Customer Touch-Points

As part of the expansion plan, DBS recently enhanced its internet banking (iBanking) and mobile banking (mBanking) platform for HNWIs. Customers are now able to conveniently view their investment portfolios on the go via mBanking. In addition, the iBanking platform offers a consolidated view of investment holdings as well as other details including credit card, savings and fixed deposit accounts at a glance. This online platform, which integrates retail banking and private banking, is the first of its kind to be launched by a private bank in Asia.

Recently, DBS was named “Safest Bank in Asia” for the third consecutive year in Global Finance’s 20th annual ranking of the world’s safest banks.