DBS is now the eighth-largest private bank in the Asia-Pacific by assets under management (AUM), bigger than even Morgan Stanley, according to annual rankings released yesterday by Private Banker International, a journal for the global wealth industry.
"The big mover last year was DBS Private Bank with its AUM growing by 35 per cent year on year, which is the most notable change across the rankings," said the journal in a statement.
"DBS' acquisition of Societe Generale's Asian private banking business last year added considerably to its AUM. Other factors that contributed to its success are a focus on digital banking, innovation, and the ability to retain customers as their individual wealth grows."
DBS said in a separate statement that its AUM for high-net-worth investors - those with investable assets of over $1.5 million - and AUM for all wealth customers stood at $92 billion and $133 billion, respectively, as of the end of last year.
In the first six months of this year, its AUM grew 6 per cent to about $141 billion.
Ms Tan Su Shan, DBS Bank's group head of consumer banking and wealth management, noted a robust and sustainable growth in the bank's wealth management business over the years.
"We have also taken significant steps to enhance the digital delivery of our financial and banking capabilities to our clients."
Two other Singapore banks also made it to the top list. OCBC's Bank of Singapore ranked 11th while UOB Private Bank was 17th.
UBS Wealth Management was top again with US$272 billion AUM.