DBS BANK TAKES WEALTH MANAGEMENT IN ASIA TO NEW LEVEL WITH
HK$1.5 BILLION INVESTMENT OVER NEXT FIVE YEARS
Launches new HNWI platform DBS Treasures Private Client; unveils inaugural branding campaign targeting Asia’s millionaires
SINGAPORE, HONG KONG 20 September 2011 － DBS Bank, which has taken strides to build out its wealth franchise over the past year, today announced plans to invest a further HK$1.5 billion 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 standardised approach to serving High Net Worth Individuals (HNWIs), as part of an ambitious growth plan, DBS today 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 HK$8 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 HK$25 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.
Tan Su Shan, DBS Group Head of Wealth Management, said, “High Net Worth Individuals differ in their investment preferences, risk appetite and needs. In recognition of this, we are very pleased to extend our Private Bank offering with the launch of DBS Treasures Private Client for HNWIs. At DBS, we have the ability to leverage strengths from across the entire bank to offer smart and holistic solutions to clients. In addition, our status as the safest bank in Asia and our strong credit ratings offer clients the assurance of safety. To further raise our game, we’ve also invested in building up our capabilities: among them, a first-of-its-kind online banking platform in the region which integrates retail banking and private banking functionalities.”
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 HK$1.5 billion 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 HNWI lifestyle.
Linda Wong, MD & Head of Consumer Banking, Hong Kong and Mainland China, Consumer Banking, DBS Bank (Hong Kong) Limited said, “When HNWIs sign up with DBS Treasures Private Client, they will not only enjoy the best of transactional and private banking, but will also be pampered with a slew of exclusive privileges. As many HNWIs are extensive travelers, DBS also provides the best of travel and lifestyle benefits, which include personal assistance from the concierge service, privileges access to airport lounges and complimentary private limousine service from the airport. As their business and wealth grow, the client can opt to join DBS Private Bank, which can offer a wider range of bespoke services and access to more sophisticated investment options, or even corporate banking solutions, to help raise funds for their business.
Enhanced Customer Touch-Points
As part of the expansion plan, DBS will enhance its internet banking (iBanking) and mobile banking (mBanking) platform for HNWIs. In addition, the iBanking platform will offer 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.
Piyush Gupta, CEO of DBS Bank, said, “Notwithstanding the present market volatilities, Asia is still experiencing rapid wealth creation and we remain optimistic about the long-term prospects of the region. With the present global economic uncertainty, the Safest Bank accolade will provide added reassurance and peace of mind to our customers around the region. In addition, we believe that Singapore, with its triple-A rating backed by strong economic fundamentals, will benefit from funds seeking a safe haven. With our Development Bank of Singapore lineage, DBS can expect to be a beneficiary of this flight to safety.”
Photo 1 : (From left) Tommy Ong, SVP & Head of Wealth Management Solutions, Greater China, Treasury & Markets, DBS Bank (Hong Kong) Limited, Rocky Cheung, SVP & Head of Investment Team, Private Banking, DBS Bank (Hong Kong) Limited , Linda Wong, MD, Head of Consumer Banking Hong Kong & Mainland China DBS Bank (Hong Kong) Limited & Chris Leung, SVP & Senior Economist, Group Research, DBS Bank (Hong Kong) Limited jointly officiated at the “DBS Treasures Private Client” platform launching ceremony.
Photo 2 : Linda Wong, MD & Head of Consumer Banking, Hong Kong and Mainland China, Consumer Banking, DBS Bank (Hong Kong) Limited said, “DBS Treasures Private Client can enjoy the best of transactional and private banking and be pampered with a slew of exclusive travel and lifestyle privileges. We also offer a wider range of bespoke services and corporate banking solutions and help raise funds for their business.”
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