What we said…

“Singapore’s rise in prominence as a global wealth hub in recent years has been profound, and DBS Private Bank has been at the apex of that boom. The Lion City-based wealth player has been successful in hoovering up tens of billions of dollars in net new assets and delivering record-breaking fee income, thanks to a comprehensive offering that can cater to everything from the biggest family offices to the burgeoning mass affluent segment,” said Daniel Shane, editor of Asian Private Banker and head of the Judging Panel at the Awards for Distinction 2024.

“That success in doing so is in no small part down to Joseph Poon, the group head of private banking who has positioned DBS Private Bank at the forefront of a wealth boom in Southeast Asia, India and Greater China that is generating new millionaires and billionaires at an exponential rate.

“Under Poon’s leadership, DBS Private Bank has been strategically oriented to capitalise on Singapore’s increasing importance as a family office hub, with the bank serving more than one-third of these entities in Singapore. That is not just a question of having the right product set and being aggressive in terms of capturing market share, but doing so with a firm eye on risk management and compliance, given recent regulatory challenges in this segment.

“But arguably more important has been Poon’s efforts in ensuring ultra/high net worth individuals are brought the best DBS has to offer across the entire banking group. A key client segment for DBS Private Bank is entrepreneurs and business owners across Southeast Asia and Greater China, and the lender’s Strategic Advisory Solutions team has effectively delivered hefty capital markets and institutional banking solutions to these clients, providing significant value-add.

“Finally, DBS Private Bank’s digital transformation under Poon’s watch is of substantial merit. Under the lender’s so-called ‘phygital’ model of combining high-touch client servicing with cutting-edge digital insights, DBS Private Bank has successfully harnessed machine learning and artificial intelligence to make interactions between the front office and clients richer and more meaningful. The bank’s automated ‘nudges’ to clients on relevant investment and solution recommendations have directly resulted in higher engagement and product conversion.

“Poon’s ambition and drive – forged over a decades-long career that has also taken in senior private banking roles at UBS Global Wealth Management, Julius Baer, and J.P. Morgan Private Bank – is reflected in his life away from work. Poon is known for waking up at 4 am every morning to train for marathons, noting that discipline and consistency are vital attributes for both running and managing a private wealth behemoth with more than US$200 billion in assets under management.

“Asian Private Banker is proud to present DBS Private Bank with the accolades of Best Private Bank – Southeast Asia, Best Private Bank – Family Offices, and Best Private Bank – Singapore HNW. But most significantly, the Awards for Distinction Judging Panel is honoured to present Joseph Poon with our prestigious Private Banker of the Year prize.”