DBS to Hire Private Bankers to Tap $19 Trillion Asia Market

Hiring to cover Southeast, North Asia, international plus NRIs
DBS is shifting to portfolio advisory model from product sales

Illuminated signage is displayed on the DBS Group Holdings Ltd. bank building at night in the central business district of Singapore, on Friday, Feb. 10, 2017. DBS is scheduled to release earnings results on Feb. 14.Photographer: Nicky Loh/Bloomberg

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By Chanyaporn Chanjaroen

January 24, 2018 at 8:30 PM UTC

Updated on

January 25, 2018 at 3:06 AM UTC

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DBS Group Holdings Ltd. plans to increase the number of relationship managers in its private banking business to tap into surging Asian wealth.

Headcount will rise between 10 percent and 20 percent this year -- after increasing more than 20 percent in 2017 -- adding to a team that currently comprises 200 private bankers, Lawrence Lua, deputy private-banking head, said in an interview in Singapore on Tuesday. Hiring will be spread across the three main teams covering Southeast Asia, North Asia, and international markets plus Indians living abroad.