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DBS sees doubling in revenue in financial institutions business over 3-5 years

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DBS expects its financial institutions group to double in revenue to S$1 billion over the next three to five years, a senior executive said on Monday.

DBS expects its financial institutions group to double in revenue to S$1 billion over the next three to five years, on the back of an expected surge in assets under management (AUMs) in Asia, a senior executive said on Monday.

The bank wants to take advantage of the big growth in AUMs in Asia that would be boosted by accommodative regulations to liberalise capital markets in this part of the world. This also comes as global banks have been exiting the region, said Soh Kian Tiong, global head of financial institutions and government-linked corporations.

"Global banks have been withdrawing from this region," he told reporters at a media briefing. "We can effectively fill up that vacuum."

The financial institutions group targets companies that include funds managers, insurers, private banks, securities companies, and sovereign wealth funds, to eke out transaction fees such as through cash management services. The unit is also meant to propose fund-raising deals such as bonds or syndicated loans, and iron out potential acquisition prospects, for such clients.

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