The bank's hopes to grow its wealth business, which currently makes up 20 percent of the group's total income, by tapping on opportunities in the region.
DBS hopes to increase its assets under management (AUM) to S$300 billion ($218.04 billion), up from S$234 billion currently, by 2023.
This target, which translates to a 7–8 percent annual growth rate, outpaces the industry average, but the bank sees several opportunities for it to continue expanding in this sector, Sim S Lim, DBS group head of consumer banking and wealth management, said in an interview with «The Business Times» (behind paywall).
Lim, a 35-year industry veteran, succeded Tan Su Shan – who is now group head of institutional banking – in January 2019. He joined the bank in 2010 as Singapore country head, and was previously the president and CEO of Nikko Citigroup from 2008 to 2009.
Wealth Opportunities
Banks are fighting for a slice of Asia's growing wealth pie, and a wealth transfer estimated at $2.7 trillion over the next decade and a half.
«Indonesia is closest to a hinterland that we have, and we have plans for Indonesia to grow,» Lim said, adding that banks with a clear local presence have an edge over their global counterparts as they can move quickly and easily among the region's diverse economies, and as such, are well-placed to cater to client needs.
According to the newspaper, DBS is among the top wealth managers in Asia excluding China, with its AUM in North Asia making up almost half of its asset base.
