UPDATE 1-Reuters Summit-Crisis to help Asian private banks - DBS

(For other news from the Reuters Wealth Management Summit, click here)

* Sees rich clients diversifying to Asian private banks

* Aims to take market share, plans China onshore presence

* Turned down potential U.S. clients, Swiss bank approaches

* Recommends Singapore dollar exposure, China and REITs (Recasts with new comments and quotes)

By Neil Chatterjee

SINGAPORE, Oct 7 (Reuters) - DBS Group (DBSM.SI: Quote, Profile, Research), Southeast Asia's biggest lender, plans to set up a domestic private banking presence in China, as it sees onshore wealth management growing in importance and new funds flowing in from Asian investors.

The bank, which earns 90 percent of its revenues from Singapore and Hong Kong, is seeing new private banking inflows from these two bases plus Indonesia and Taiwan, and aims to target China's domestic wealth market.

"We are looking at setting up an onshore presence there in terms of wealth management," Kwong Kin Mun, DBS head of private banking for southern Asia, told the Reuters Wealth Management Summit in Singapore.