Dubai branch to serve as hub for DBS's Middle East private banking business

SINGAPORE (Dec 27): DBS is planning to expand its private banking business the Middle East over the next five years, using its Dubai office as the regional hub.

On Tuesday, DBS unveiled its new and expanded office premises located at the heart of Dubai’s financial hub, DIFC, where it aims to double the headcount for its private banking operations by 2023.

Over the next five years, the bank aims to triple its revenue by targeting the region’s growing presence of ultra-high net worth (UHNW) and high net worth (HNW) individuals, family offices and sovereign wealth funds, according to its press statement.

---

Related Stories

• What does the Trump presidency mean for banks?
• DBS buys 620,000 units in CICT at $2.02 apiece
• Citi upgrades DBS to ‘neutral’; keeps UOB’s ‘sell’ call after 3QFY2024 results (update)

---