DBS Private Bank and DBS Vickers Securities have announced a partnership for a single onshore and offshore wealth proposition in Thailand, aimed at the country's high net worth individuals (HNWIs).
DBS, headquartered in Singapore, says its new initiative will allow qualifying clients direct access across wealth management, retail, investment and corporate banking via a sole point of contact.
In a statement released this morning, the bank says it is aiming to double its number of relationship managers in Thailand by 2023 as part of a wider target to double assets under management to $5.82bn during this period.
We believe the Thai wealth market holds immense potential."
Sim S. Lim, group head of wealth management and consumer banking, said: "We believe the Thai wealth market holds immense potential, having witnessed Thai investors' growing sophistication and receptiveness to investment ideas, and the Bank of Thailand's encouraging regulatory stance towards offshore investments."