Best Private Bank Singapore HNW
DBS Private Bank
Best Private Bank – Singapore HNW
Joseph Poon
group head
“We are proud to be named Best Private Bank in Singapore for HNW by Asian Private Banker. Winning this accolade consecutively underscores our unwavering commitment to understanding and meeting the sophisticated needs of Singapore’s high net worth individuals. Through tailored, forward-looking wealth management solutions, we help clients navigate complexities and seize opportunities in an ever-changing landscape
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“At DBS Private Bank, we believe in building enduring relationships founded on trust and expertise. Our focus remains on delivering personalised advice and innovative strategies that empower our clients to achieve their goals with confidence and create lasting impact. This recognition motivates us to continuously elevate our offerings and strengthen our role as a trusted partner for high net worth clients in Singapore.”
What was behind the judges’ decision?
- DBS demonstrated impressive growth across revenue, income, and AUM, underpinned by a competitive cost-to-income ratio. This strong financial foundation reinforces its leadership in the HNW segment. The One Bank approach fosters seamless collaboration across teams to meet both the personal and corporate financial needs of Asian entrepreneurs.
- By allowing clients to transition seamlessly between segments with the same RMs, DBS offers service continuity. This model ensures deep client trust and high RM retention, aligning with the needs of Asian entrepreneurs. DBS has restructured its Thai onshore HNW business for growth, while expanding across key Asian markets, including Singapore, ASEAN, India and Greater China.
- DBS uses advanced technology like AI, machine learning, and tokenisation to improve client experiences. Its DDEX digital asset platform lets clients access fractionalised assets, while AI tools and behavioural nudges help RMs boost client engagement and encourage legacy and investment planning.
What we said…
“DBS Private Bank’s achievements in the high net worth (HNW) segment are underpinned by its robust revenue growth, impressive rise in AUM, and disciplined management of costs, reflected in its strong cost-to-income ratio,” said Audrey Raj, senior consultant, South Asia editor of Asian Private Banker. “This performance is complemented by the bank’s wealth continuum, one bank model, where clients transition seamlessly from affluent to private banking segments with the same relationship managers (RMs).
“Over the past two years, thousands of affluent clients have progressed to the HNW and ultra HNW tiers, showcasing DBS’s ability to grow with its clients. The bank has also doubled down on its commitment to hiring top-tier RMs, fuelling new business opportunities while maintaining a high standard of advisory services.
“DBS’s leadership in innovation is evident in its AI-driven insights and combining digital tools with face-to-face engagement. The bank’s pioneering use of tokenisation and its DDEX digital asset platform reflects its forward-looking approach. These advancements are further enhanced by behavioural nudges to RMs, which have driven higher client engagement and uptake of wealth planning solutions.
“This combination of operational excellence, technological innovation, and client-centric solutions has earned DBS Private Bank the Best Private Bank – Singapore HNW at the Awards for Distinction 2024. A big kudos to the team.”
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