DBS group expands its operations in the Middle East
- Asian Market
- 4 months ago
DBS announced plans to further expand its operations in the Middle East due to the increasing investment opportunities within Asia.
Dubai will be its regional hub as it joins fellow establishments like Citibank N.A. and HSBC to name a few, in order to cater to clients who are keen in accessing the Asian markets.
It plans to double the number of private bankers within the next five years.
The current number at its Dubai branch is 40.
Within the last 7 years the branch’s revenue has grown by 20% consecutively each year and it aims to triple its turnover by the 2024 by aiming at the wealthy clients based in the region.
It has also expanded its premises at the Dubai International Financial Centre.
DBS is the sixth-largest private bank in Asia in terms of assets under management, as ranked by Asian Private Banker.
Ms Tan Su Shan, DBS' group head of wealth management and consumer banking, made a strong point in how Singapore and UAE ties are strongly bonded through similar ideas on technological process, innovation and the way both countries share the same vision.
Making Dubai and even more straightforward choice for a regional HQ.
Ms Tan also added that the wealth in the Middle East is not slowing down, the numbers of clients with more than US$500 million in assets is set to increase by 28% by 2022.
An excellent move indeed and a huge market awaiting to be tapped into.
Source: Smart Trend Team/ Straits Times