SINGAPORE - DBS Group swept three awards, including two global ones, at the prestigious PWM/The Banker Global Private Banking Awards on Wednesday night in Geneva, with its group head of consumer banking and wealth management, Ms Tan Su Shan, was recognised as the world's best leader in private banking, a first for a Singaporean.
DBS also beat out other banks in the world to be named the best private bank in use of technology. In addition, DBS received the best private bank in Singapore accolade for the fifth consecutive year.
Mr Yuri Bender, editor in chief, PWM, Financial Times Group said: "DBS Bank has featured regularly in the PWM Global Private Banking Awards, having won the Singapore category several times. The judges noted that it is still in premier position in this country, despite almost cut-throat competition from local, regional and global players.
"However, what has marked the 2014 awards has been the emergence of DBS as a key player in a number of other categories."
On Ms Tan's win, Mr Bender said she received close to unanimous backing from the judges and stood out amongst a list of 30 leaders from banks in North and Latin America, Europe and Asia.
"Although she has had a high profile in Singapore for many years, it was felt that her time has finally come, particularly regarding her leading role in the acquisition of the Asian private banking business of French bank Societe Generale," he said.
DBS recently successfully completed the acquisition, increasing its high net worth assets under management and assets under management for all wealth customers to S$88 billion and S$129 billion respectively.
Ms Tan said: "It is an honour to win this award from PWM and The Banker. Over the years, Singapore has grown in stature as a leading wealth management hub and it has been a joy to participate in its development."
On its award for best private bank in use of technology, Mr Bender said: "The bank was named Best Private Bank for Use of Technology and received particularly plaudits for its innovations in this sphere, including the way it has observed and adapted ideas pioneered in other Asian banks and non-financial companies.
"Research from the Aite group, which underpinned the decision-making process, shows that DBS has been one of the global leaders in both digital innovation to improve communication with private clients and broader implementation of larger-scale technology projects."
The Global Private Banking Awards 2014 is presented by PWM and The Banker, leading wealth publications by the Financial Times Group. The awards honour the best private banks in the world based on growth and performance. The judging panel consists of 15 industry professionals from North America, Asia, Europe and the Middle East.