DBS Private Bank – Enters Top 50 Global Private Banks

DBS Private Bank has been ranked as one of the top 50 private banking brands in the world by the financial magazine, The Banker. In the latest study released by The Banker/Brand Finance, DBS Private Bank was also unveiled as the only Singapore and ASEAN bank in the rankings, with its brand value rising 38% to USD 457 million. The increase in DBS’ brand value was among the highest compared to its peers.

DBS’ brand ratings also jumped a notch to AAA- in 2015 from AA+ in the year before, representing an “extremely strong” rating. These ratings were calculated using Brand Finance’s analysis, conceptually similar to a credit rating, which benchmarks the strength, risk and potential of a brand relative to its competitors on a scale from AAA to D.

Over the past few years, DBS’ wealth management business has consistently grown by about 20% a year, putting the bank among the top 10 players in Asia. In October last year, DBS completed the acquisition of Societe Generale Private Banking Asia (SGPB Asia), which significantly increased the scale of DBS’ wealth management business and further strengthened the bank’s position as a leading wealth manager in Asia.

Following the acquisition, its total wealth management assets under management (DBS Treasures, DBS Treasures Private Client and DBS Private Bank) rose to SGD 133 billion from SGD 109 billion. As of April 2015, DBS’ total wealth management assets under management stood at SGD 141 billion.

Tan Su Shan, Group Head of Consumer Banking & Wealth Management, DBS Bank, said, “Over the last few years, we have taken huge steps to build a leading regional wealth management franchise and we are encouraged by the recognition and the support of our clients. As Singapore entrenches itself as a leading international wealth management hub, we are also honoured to be the only Singapore bank to be ranked among the world’s best private banks. At DBS, we put our clients at the heart of everything we do. We will continue to invest in building our franchise and are committed to enhancing the client experience by combining the best of personal service and digital innovation.”

In February this year, DBS was also named the most valuable overall bank brand in Singapore and ASEAN in The Banker/Brand Finance Banking 500 study. DBS saw its brand value increase to USD 4.4 billion, and continues to be the only Singapore and ASEAN bank with a brand value which exceeds USD 4 billion.

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