DBS aims to expand Thai wealth business

DBS Vickers Securities (Thailand) chief executive Pattera Dilokrungthirapop (left) and Sim S Lim (right), DBS Bank group head of wealth management and consumer banking, at the partnership launch. PHOTO: DBS

DBS Bank said yesterday that DBS Private Bank and brokerage DBS Vickers Securities (Thailand) are partnering to double wealth assets managed in Thailand to $8 billion from $4 billion by 2023.

This is in order to tap Thailand's "growing pool" of high-net-worth individuals (HNWI) looking to diversify their portfolios, said the bank.

DBS also plans to double its number of wealth relationship managers in Thailand by 2023 to further cater to demand.

Through the partnership, the bank looks to provide Thai wealth clients with an integrated onshore and offshore wealth management proposition.

DBS Vickers Securities (Thailand) will bring its onshore offering across funds, equities, structured notes and bonds, as well as strong Thai market advisory, said the bank.

Meanwhile, DBS Private Bank will provide global wealth expertise, its Asian network as well as offshore wealth management solutions and platform, it added.

This will be delivered to clients via their relationship managers, who serve as a single point of contact, and will allow clients to access and manage their investments in one place.

Currently, investors need to go to separate entities - one for onshore and another for offshore - for their investment needs.

Mr Sim S. Lim, DBS Bank group head of wealth management and consumer banking, said the partnership represents the bank's commitment to growing its Thailand business.

"We believe the Thai wealth market holds immense potential, having witnessed Thai investors' growing sophistication and receptiveness to investment ideas, and the Bank of Thailand's encouraging regulatory stance towards offshore investments," Mr Lim said.

DBS Vickers Securities (Thailand) chief executive Pattera Dilokrungthirapop said HNWIs in Thailand are "relatively conservative" with offshore investments but this is beginning to change.

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A version of this article appeared in the print edition of The Straits Times on September 19, 2019, with the headline DBS aims to expand Thai wealth business. Subscribe