DBS Announces Integrated Wealth Management

The bank hopes to serve the country’s growing high net worth demographic with its one-bank proposition, which provides access to offerings across wealth management, retail, investment and corporate banking.

DBS Private Bank and DBS Vickers Securities (Thailand) have announced a partnership to provide a «one-stop» onshore and offshore wealth proposition in Thailand, allowing the country’s growing high net worth demographic to access offerings across wealth management, retail, investment and corporate banking from a single point of contact.

To support this push, the bank aims to double its number of relationship managers in Thailand by 2023, and also hopes to double its assets under management to S$8 billion ($5.82 billion) during this period, DBS said in a statement published on Wednesday.

We believe the Thai wealth market holds immense potential, having witnessed Thai investors’ growing sophistication and receptiveness to investment ideas, and the Bank of Thailand’s encouraging regulatory stance towards offshore investments, Sim S Lim, wealth management and consumer banking group head, said in the statement.

Family-owned businesses drive much of the country’s economy, accounting for 80 percent of Thailand’s GDP and over one-third of listed firms on the Stock Exchange of Thailand, DBS said, citing PwC research.