THURSDAY, March 28, 2024
nationthailand

DBS to double wealth business in Thailand by 2023

DBS to double wealth business in Thailand by 2023

DBS Bank on Wednesday (September 18) announced a partnership between DBS Private Bank and DBS Vickers Securities (Thailand) aimed at doubling its wealth assets under management in Thailand from S$4 billion to $8 billion by 2023.

Targeting Thailand’s growing pool of high-net-worth individuals (HNWIs) who are increasingly diversifying their portfolios and accessing investment opportunities overseas, the partnership seeks to provide access to fully integrated onshore and offshore wealth management. 
To cater to rising demand, DBS also aims to double its headcount for wealth-relationship managers (RMs) in Thailand by 2023.
Thailand was home to more 122,000 HNWIs as of 2017, almost equal the number in Singapore.
HNWIs are defined as having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables and consumer durables.
Thai wealth assets under management grew at a robust compound annual growth rate of 12.7 per cent between 2010 to 2017, according to Capgemini’s Asia-Pacific Wealth Report 2018.
Today, much of Thai wealth is held in family-owned businesses, which are key drivers of the economy, accounting for more than 80 per cent of the nation’s GDP and over one-third of listed firms on the Stock Exchange of Thailand, according to PwC Thailand Family Business Survey 2019.
DBS believes these family businesses will be well-served by its unique “one-bank” proposition, which provides access to offerings across wealth management, retail, investment and corporate banking.
The partnership brings together DBS Vickers Securities (Thailand)’s comprehensive onshore offering across funds, equities, structured notes and bonds and DBS Private Bank’s global wealth expertise, extensive Asian network and offshore wealth management solutions.
This first-in-market “one-stop” proposition enables DBS’ wealth clients in Thailand to conveniently access and manage their investments in one place. In contrast, existing market practices require investors to go through separate entities for their investment needs – one for onshore and another for offshore.
“This partnership represents our commitment to growing our business in Thailand,” said Sim S Lim, Group Head of Wealth Management and Consumer Banking at DBS Bank. “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. 
“We’ve served Thai investors for over two decades through our securities business and understand their needs and preferences. With our strong Asian expertise and connectivity, leading digital capabilities, and reputation as Asia’s safest and the world’s best, we seek to become a trusted partner by providing customers with seamless access to opportunities and wealth management solutions both within and beyond Thailand’s shores.”
Pattera Dilokrungthirapop, CEO at DBS Vickers Securities (Thailand), said Thai HNWIs are “relatively conservative with offshore investments, but this is beginning to change”. 
“As their personal wealth grows, we’re seeing corresponding demand for holistic wealth management services and global investment strategies. Today, what they want is a ‘one-stop shop’ that provides trusted advisory, wealth products and solutions, and a seamless onshore and offshore experience – a gap that DBS can effectively fill through this partnership.”
DBS has been operating a securities business in Thailand since 1998. Today, DBS Vickers Securities (Thailand) holds a full securities licence and has established its position as a leading securities company in Thailand.

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