DBS Group Holdings is aiming to manage $500 billion for its wealth clients by end of 2026, according to Shee Tse Koon, group executive and group head of consumer banking group and wealth management, in an interview with Reuters.
Last year, wealth assets managed by DBS was up 23% to $365 billion and the bank is betting that the robust inflows will continue.
"I'm still growing ... the market is actually kind of at the cusp of a recovery because rates are peaking so as rates come down, markets pick up," Shee told Reuters, adding that he was "fairly confident" about meeting the target barring any "black swan" event.
Besides the top-tier private banking clients, DBS plans to attract the less affluent segment defined as those with assets of at least $1 million.
The bank aims to double the number of clients in this segment by the end of 2026.
