DBS Private Bank has been named “Best Private Bank in Singapore” by Professional Wealth Management and The Banker magazines in their annual Global Private Banking Awards for the second year running. This coveted award recognises outstanding private banks around the world.
Private banks were judged by a panel of eight industry professionals based in North America, Asia and Europe. The panel assessed the banks on the quantitative and qualitative aspects of their business, including their ability to deliver trusted advice to customers, design efficient asset allocation strategies and offer bespoke portfolio solutions to meet investors’ needs. The ability to attract and retain client assets, as well as the due diligence process and risk management, which have assumed even more importance since the financial crisis, were also considered key areas for evaluating the institutions.
Said Yuri Bender, editor-in-chief of The Banker, who was also one of the judges, "The judges recognised the strength of DBS’ franchise in Singapore against very tough competition from local and regional players. The progress which the bank is making in wealth management under the leadership of Tan Su Shan was noted. The bank's regional, pan-Asian approach to asset allocation and investment was a key consideration in the granting of this hotly-contested award. The boosting of risk management and operational due diligence was also a contributory factor in the award."
In the last 18 months, DBS has raised the bar in private banking, as it executes against strategy to become a leading wealth manager in the region.
For example, in 2010, DBS Private Bank set up a Chief Investment Office, led by Chief Investment Officer Lim Say Boon, to bring together the best brains across DBS Group to provide clients with timely Asia-centric investment strategy and advice. The bank also delivers Asian insights through DBS Vickers, whose equity team covers 400 stocks in Asia.
DBS was also one of the first to market offshore renminbi products in Singapore to its private banking clients, following the internationalisation of the RMB. It now offers a full suite of offshore renminbi products, such as Currency-Linked Notes, secondary market RMB bonds and A-share QFII funds.
Recently, to further up the ante in serving HNWIs in Asia, DBS announced plans to invest SGD 250 million over the next five years on its private banking franchise. This includes the launch of DBS Treasures Private Client, which is specially designed for clients with investible assets of SGD 1.5 million and up. The platform offers a unique pairing of personalised banking and private banking solutions, providing customers with access to a comprehensive range of investment products and services, coupled with the ease of banking and priority access at DBS’ network of over 200 branches in Asia.
HNWIs with over SGD 5 million in assets are able to avail themselves of the services provided by a separate platform, DBS Private Bank. The private bank, which has been significantly enhanced, provides bespoke solutions to wealthy individuals who want their personal wealth and business needs to be taken care of in a seamless manner. In addition to a broad range of investment products and services, DBS Private Bank clients will also be able to tap into the bank’s expertise in corporate lending, capital markets and investment banking.
Tan Su Shan, Head of Wealth Management at DBS said, “We are very pleased to be named Singapore’s best private bank for the second year running. This is a validation of our wealth strategy and a testament to the strength of our franchise. Unlike traditional private banks, DBS is distinctive in that we are able to bring the whole bank to bear for our clients, and to offer them smart, innovative and holistic solutions. Our in-depth bank-wide expertise and insights into Asia, coupled with our reputation as Asia’s safest bank, make DBS Private Bank an attractive option for HNWIs in these uncertain times.”
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 200 branches across 15 markets. Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region, earned it Global Finance's "Safest Bank in Asia" accolade for three consecutive years, in 2009, 2010 and 2011.
DBS provides the full range of services in consumer, SME and corporate banking activities across Asia and the Middle East. As a bank born and bred in Asia, DBS also understands the intricacies of doing business in the region’s most dynamic markets. This market insight and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. The bank believes that building lasting relationships with its customers is an integral part of banking the Asian way.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 18,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.