DBS Targets North Asia Private Bankers in Singapore
The private banking unit of DBS is looking to expand its front office by hiring mostly Singapore-based talent covering the North Asia market.
DBS is aiming to hire 40 private bankers in 2025 for the North Asia market, according to a «Bloomberg» report citing Carol Wu, head of private banking for North Asia, during a media briefing. Most of the hires will be in Singapore and around half of the figure has already been achieved. Last year, the bank ramped up hiring in Hong Kong, recruiting more than 50 relationship managers.
In the first five months of 2025, the private bank’s Hong Kong unit has seen revenue rise nearly 30 percent year-on-year, assets under management grow about 20 percent and net new money increase 130 percent, mainly from mainland China and Taiwan clients.
«The big trend is that a lot of mainland Chinese and Taiwanese are looking for offshore wealth management opportunities,» Wu said. «They want to diversify their assets offshore.»
