DBS expands Hong Kong private banking headcount by 25% on better flows
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Sebastian Paredes, DBS' North Asia business head, said the number of clients acquired from mainland China totalled close to 1,200 so far in 2024.
PHOTO: LIANHE ZAOBAO
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Singapore - DBS Group Holdings is hiring more private bankers in Hong Kong, where the bank is increasingly attracting money from both mainland China and Taiwan, North Asia business head Sebastian Paredes said.
The number of clients acquired from mainland China has totalled close to 1,200 so far in 2024, Mr Paredes said in an interview on Bloomberg TV.
The bank has seen “substantial” flows from Taiwan in the past 12 months, he said, without elaborating.
“We continue to hire,” said Mr Paredes, who is also chairman of the bank’s China unit. “This year, for example, we are expanding more than 25 per cent our headcount in private banking business alone.”
Singapore’s biggest lender is moving in as some of the older international banks in Hong Kong scale back.
DBS replaced Credit Suisse as the third-largest private bank in Asia, excluding onshore China, in 2023, with some US$201 billion (S$271 billion) assets under management, according to Asian Private Banker.
Total headcount of relationship managers grew 12 per cent to 730 in 2023 from a year earlier and topped HSBC, according to the publication.
Mr Paredes praised the Hong Kong government’s efforts in promoting the city’s status as a tourism and entertainment hub for Chinese mainlanders.
Still, he warned the city is facing competition in tourism from countries such as Japan, where the cheap yen has diverted tourist attention. BLOOMBERG
