Facts & Figures
Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS, said, “Over the past three years, our private banking business has consistently grown by about 20% a year, putting us among the top 10 players in Asia. We have now reached a stage where we are ready for inorganic growth. This transaction will give us access to new clients and strong, experienced teams, thereby strengthening our position as a top-tier wealth manager in the region.”
With the successful acquisition of SGPB Asia’s business, DBS’ high net worth assets under management and assets under management for all wealth customers are now SGD88 billion and SGD129 billion respectively.
The diversity of our people – in nationality, culture and background – is a source of strength. We also embrace gender diversity with women accounting for 58% of our workforce and more than one-third of our leadership positions. Six of our 19 most senior leaders are women.
In Wealth management, we continued to make changes to improve the effectiveness of our client interaction. We increased the number of relationship managers across the region by 13% and equipped them with customised tools that make them more effective in helping clients to make investment decisions. We up-tiered qualifying clients in order to serve them better. In Hong Kong, we completed the integration of our middle and back offices to improve the quality of support for front-line staff.
Our wealth management online platforms were re-designed based on clients’ feedback. They asked for products and services that were relevant to their investment needs and risk appetite, information and execution that are delivered at speed, and simple processes. The revamped platform empowers clients with quick and intuitive access to services, product information and research. Insights and analysis can be customised according to clients’ preferences. Equities and funds trading have been incorporated into the platform, enhancing the range of asset classes that are available online.
These efforts, coming on top of those in recent years, enabled us to continue achieving strong growth in our wealth management business. Total earning assets rose 15% during the year to SGD 134 billion, bringing growth since 2010 to 47%. Wealth management income grew 18% during the year to SGD 924 million; since 2010, it has grown 83%. The number of wealth management clients grew 5% during the year.
We received the following accolades: “Best Local Private Bank in Singapore” by Euromoney magazine, “Best Wealth Manager in Indonesia” by The Asset magazine, “Best Consumer Bank (Foreign) in China” by Global Finance and “Best Wealth Management in Hong Kong” by Global Banking & Finance. We were also given numerous awards in Singapore, including “Best Use of Social Media/Mobile” for the DBS Traveller Shield campaign by Marketing Magazine. Customer engagement results for Singapore’s DBS Private Bank and DBS Treasures Private Client registered significant progress with both segments achieving 75th percentile scores in an industry survey carried out by Gallup, a management consultant. DBS Treasures customer engagement satisfaction scores increased in all our markets, with Hong Kong and Indonesia achieving significant improvements. DBS and POSB customer engagement satisfaction scores also increased significantly.