DBS, a leading bank in Asia, is expanding its presence in Hong Kong by adding wealth bankers and a new client center. The bank’s Hong Kong unit plans to hire 100 new bankers over the next three years, according to Ajay Mathur, head of DBS Hong Kong’s consumer banking group and wealth management. This move is in response to the increased investment activity among affluent clients in the city.
The new wealth center, set to open in 2026, will cater to the growing demand for wealth management services from clients with at least HK$1 million ($130,000) in investable assets. DBS has seen a surge in investment activity in Hong Kong, driven by the volatility in the market caused by trade wars and geopolitical tensions. Despite the uncertainty, the bank’s affluent clients have taken advantage of the situation, investing in currencies, bonds, and equities.
The expansion plan is a testament to DBS’s commitment to the Hong Kong market and its confidence in the city’s wealth management industry. The bank aims to capitalize on the growing demand for wealth management services from high-net-worth individuals, who are seeking expert advice and guidance on managing their assets.
The addition of 100 new bankers will enable DBS to provide more personalized services to its clients, including investment advice, portfolio management, and wealth planning. The new wealth center will serve as a hub for DBS’s wealth management business, offering a range of services and products tailored to the needs of affluent clients.
Overall, DBS’s expansion in Hong Kong is a strategic move to strengthen its position in the city’s wealth management market. With its increased presence, the bank is well-positioned to tap into the growing demand for wealth management services from high-net-worth individuals and to capitalize on the opportunities presented by the city’s vibrant financial market.