Singapore’s DBS Bank targets wealth in Taiwan
DBS Bank, Singapore’s largest lender, is ramping up its affluent banking offering in Taiwan by opening a new stand alone branch as more wealth units are planned for the country.
DBS has just launched a new treasures private client services branch in Taipei. It targets clients with 30 million New Taiwan dollars ($987,297) in assets, and will provide financial services, travel privileges and financial planning.
It is its third Asia-focused wealth management unit for affluent clients, following branches in Singapore and Hong Kong.
The Singaporean bank has seen its wealth arm grow as affluent clients are pouring in, following its acquisition of Australia and New Zealand Banking Group’s (ANZ) Asian retail and wealth management businesses last year.
The acquisition connected a large customer franchise to DBS in Taiwan, where the bank added close to 520,000 customers, expanding its base by 2.5 times.
With the larger scale the bank will begin to roll out its digital wealth tools in the country. The launch of iWealth, its all-in-one banking and wealth management platform, is expected to be introduced in Taiwan in the third quarter of 2019.
DBS ranks sixth in wealth management globally with assets under management growing 22 percent to NT$4.69 trillion in the first quarter of the year, company data showed.