DBS aims for wealth business to hit S$300b AUM by 2023

Singapore

DBS is gunning for a 7 to 8 per cent annual growth in assets under management (AUM) over the next couple of years, bringing its current AUM base of about S$234 billion to S$300 billion by 2023, its newly minted group head of consumer banking and wealth management business Lim S Sim told The Business Times.

This growth target will push ahead of industry growth rates, and comes as DBS has in part bulked up by completing its buyout of the Asian private banking business of Societe Generale in Singapore and Hong Kong in 2014, with the wealth business now making up 20 per cent of total group income.

"We will look at every opportunity. If the price makes sense and it's positive accretion, we will consider it very favourably," said Mr Lim, when asked if this target wil…