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NEWSMAKER-DBS CEO says wealth management to account for a fifth of bank
March 2, 2017 / 2:41 AM / 9 months ago

NEWSMAKER-DBS CEO says wealth management to account for a fifth of bank

SINGAPORE, March 2 (Reuters) - DBS Group Holdings Ltd expects to expand its wealth management operations as Asia’s wealth grows, accounting for as much as 20 percent of the bank’s total income over the next few years, Piyush Gupta, the chief executive of Southeast Asia’s largest bank by assets, said.

“Our (wealth management) business has doubled in the last 5 or 6 years and is close to 15 percent of DBS’s top line income. Our ambition in the next few years is to get it to 20 pct of the bank,” said Gupta, ahead of a Reuters Newsmaker in Singapore on Thursday.

Under Gupta, 57, who took over the reins in 2009, DBS has more than doubled its profits, broken into the ranks of top five private banks in Asia Pacific and turned around its underperforming Hong Kong unit. (Reporting by Marius Zaharia and Anshuman Daga; Editing by Clara Ferreira Marques)

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