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DBS, the largest bank in Southeast Asia, said Tuesday that it has chosen Dubai to establish a regional base for its expansion plans in the Middle East over the next five years.
DBS aims to make its Dubai office a strategic hub for its private banking division in the Middle East, the group said in a statement.
With assets of more than $ 376 billion, DBS has said it is well positioned to become the Asian partner of a growing segment of Middle Eastern investors.
In addition to its expansion plan, DBS also unveiled its new expanded offices located in the heart of Dubai's DIFC Financial Hub, where it aims to double the size of its private banking business by 2023.
Over the last seven years, the total turnover of DBS's Dubai subsidiary has been growing at a significant 20% per year, he added.
Targeting the growing presence in the region of individuals, family offices and sovereign wealth funds, the bank and sovereign wealth funds, it also aims to triple its revenues over the next five years by focusing on the growth of the economy. increase in the number of customers. diversity, diffusion and penetration.
The bank said it was building a tailor-made investment portfolio including private equity funds in growth segments such as e-commerce, health technology, real estate, banking, and retail banking. logistics and fintech in growing Asian markets.
Tan Su Shan, Head of Wealth Management and Personal Banking at DBS Bank, said, "DBS believes that Dubai and Singapore are closely linked by their shared values of innovation, technological progress and visionary vision, making Dubai a natural choice for a regional center. .
"The wealth in the Middle East continues to increase, the number of UHNW customers with assets of more than $ 500 million in this region is expected to increase by 28% – from 390 in 2017 to around 500 in 2021".
As part of its expansion plan, the bank also announced the appointment of Mr. Rudiger von Wedel to the management of the international group DBS Private Bank, effective November 19.
Founded in March 2006, DBS's Dubai branch became the first bank based in Singapore to receive a banking license from DIFC.
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