The private banking unit of DBS Bank is now the eighth largest in the Asia Pacific, according to ranking done by Private Banker International (PBI), an industry journal. The units AUM grew by 35% in 2014. PBI said DBS’s AUM for high-net-worth clients rose 35% to US$73 billion, helped by the bank’s acquisition of Societe Generale’s Asian private banking business. Other factors that contributed to its success are a focus on digital banking, innovation, and the ability to retain customers as their individual wealth grows, it added. PBI had ranked DBS No 9 in its previous ranking. Overall, PBI estimates that total AUM in Asia Pacific increased by 12% to US$1.54 trillion last year. With an AUM of US$272 billion at the end of 2014, DBS came first, followed by Citi Private Bank with US$255 billion in AUM and Credit Suisse with US$145 billion. At PBI’s Global Wealth Summit & Awards 2015, DBS was named ‘Most Outstanding Bank in Asia-Pacific’ for the second year running. It also clinched two global awards, the ‘Most Innovative Business Model’ and the ‘Most Outstanding Global NRI/Indians Offering’, as well as the ‘Most Outstanding Private Bank in Southeast Asia’ award.
