DBS is targeting a 40% rise in private banking assets to a $100 billion in less than three years, according to Reuters. The Singapore lender is looking at rich Chinese both in the Greater China region and in its home country to help achieve this goal.
DBS is banking on partnerships with Chinese firms in high-end retail, travel, technology to reach its target market, the country’s growing number of millionaires, and offer them wealth management products and services, among others.
“China now wants to do wealth management in a big way,” Reuters quoted Tan Su Shan, the bank’s group head of wealth management, as saying.
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