DBS to Add Bankers for Hong Kong, China Corporate Unit
DBS Group Holdings Ltd. (DBS), Southeast Asia’s biggest lender, will increase the number of bankers serving large companies in Hong Kong and China by 20 percent next year as it seeks more revenue from outside of Singapore.
The bank plans to add 10 to the 50-person team, Ginger Cheng, who heads DBS’s institutional banking for large companies in Hong Kong and China, said in a briefing.
DBS Chief Executive Officer Piyush Gupta is targeting faster-growing markets as corporate loan growth in Singapore slows. The bank derived 63 percent of its net income from the Southeast Asian city in the third quarter, down from 66 percent a year earlier, according to data compiled by Bloomberg.
“We are looking to hire mostly senior bankers as we expect strong funding demand needs by Chinese corporates,” said Cheng of DBS Bank (Hong Kong) Ltd.
The bank next year will also set up a team to provide financing and cash management services to multinational companies in Europe and the U.S., she said.
Shares of DBS rose 0.7 percent to S$14.90, the highest in almost four months, as of 11:34 a.m. in Singapore trading, extending their gain this year to 29 percent.
In addition to the corporate banking expansion, DBS plans to sell more services to wealthy people in Hong Kong to increase consumer banking revenue in the city by at least 10 percent a year, Pearlyn Phau, head of consumer banking for Hong Kong, said on Nov. 2.
DBS Hong Kong’s consumer banking revenue rose 14 percent in the first nine months from a year earlier, including 17 percent growth from wealth management, Phau said. The lender said last year that it would invest S$250 million ($205 million) to build wealth management business in Asia.