DBS to open 18 new and 36 upgraded wealth centres across Apac by 2027

[SINGAPORE] DBS will open 18 new and 36 upgraded wealth centres across the Asia-Pacific (Apac) by the end of 2027, in what the lender called the largest physical expansion of its wealth franchise to date.

The centres will be located in Singapore, Hong Kong, China, India, Indonesia and Taiwan, the bank said on Monday (Jun 1), with the first to open in the third quarter of 2026.

DBS did not elaborate on the cost of upgrading and expanding its network of regional wealth centres.

Sanjoy Sen, group head of consumer banking at DBS, said the move will not only strengthen the bank’s network, but also bring it closer to its customers.

“What clients tell us, more than anything else, is that the relationship they want with their bank should feel personal, familiar and close to home,” he said.

“These wealth centres are not just about expanding our footprint. They are about closing the distance between our clients and the relationship managers who serve them – meeting them where they live, where they work and where they build their lives,” he added.

In Singapore and Hong Kong – which are the bank’s two largest markets – the centres will serve its Treasures clients. In China, India, Indonesia and Taiwan, the centres will serve Treasures and Treasures Private Client customers.

Going with the flow

The bank said the move will increase its Treasures’ wealth centre presence in Singapore by 50 per cent.

Treasures is the bank’s wealth management service. In Singapore, the minimum investment threshold to qualify for the service is S$350,000.

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Treasures Private Client is a higher tier service, requiring S$1.5 million of investable assets, but which sits below the Private Bank service, which is for individuals with S$5 million or more.

DBS said that as investors switch to digital wealth management platforms, in-person meetings are still important for many of them, with more than 40 per cent in Hong Kong and Singapore continuing to meet relationship managers face-to-face.

This comes as wealth management and other fee income become increasingly important sources of revenue for Singapore banks, helping to offset expected reductions in net interest income as interest rates dip.

Singapore’s three main banks – DBS, OCBC and UOB – combined non-interest income rose to a record S$5.16 billion in Q1, from S$4 billion in the preceding quarter and S$4.78 billion a year earlier.

For DBS, net fee and commission income in Q1 climbed 16 per cent to a record S$1.5 billion. This growth was propelled by wealth management fees, reaching a record S$907 million, supported by robust bancassurance and investment product sales.

Research from consulting firm McKinsey said high and ultra-high net worth individuals in Apac will transfer about US$5.8 trillion in assets between 2023 and 2030, presenting a major opportunity for banks, family offices and other asset managers.