DBS will almost double its workforce, triple the revenues of the Mideast Private Bank

DUBAI: DBS, the largest bank in Southeast Asia, said it would almost double the staff of Dubai's private bank to triple the turnover of these operations in the Middle East by 2023 , capitalizing on the transfer of investments to Asia.

The Singaporean bank joins Citibank and other global lenders to expand its wealth management business in the region. Potential clients include wealthy Middle Eastern businessmen, family offices and non-resident Indians.

DBS has announced its intention to double by 2023 the staff of its private bank in Dubai, which now stands at more than 20.

"This region does not yet represent a large part of our wealth management income because we are an Asian bank, but its growth is the fastest," said Tan Su Shan, head of the Wealth Management and Investment Group. consumer bank. "He grew up double digit."

Wealth management accounts for about $ 2.6 billion of DBS revenue, she said.

In the past, customers in the region focused their investments on Switzerland, the United States and Great Britain, said Rudiger von Wedel, Managing Director and International Head of DBS Private Bank, at a conference of press.

"The whole region is moving to the east," he said. "What I've seen since 2012-2013, it's a shift more and more to Asia."

Other banks are also developing in the region.

Citibank aims to increase its wealth management client base by 18% in the United Arab Emirates in 2018 and by 24% in 2019. Citi's wealth management business is expected to grow by 21% in the year ahead. "Business in 2018 in the UAE," said Venkat Mahadevan head of retail banking for the Middle East at Citibank.

According to the 2018 Knight Frank Report on Wealth, the number of people owning more than $ 500 million in individual assets in the Middle East is expected to increase by 28% to 500 by 2022.