DBS wins this award for best international private bank in Hong Kong in recognition of the quality and breadth of its services and its distinctive regional expertise.
Its One-Bank model – enabling clients with access to the full range of the bank’s expertise across markets, businesses and geographies – is an important piece in its private banking proposition in Hong Kong as elsewhere, helping to differentiate its offering from rivals.
It also helps the bank deepen its relationship with clients and create synergies across its business units, which in turn drives business growth. At the end of 2022, for example, around 150 of its corporate banking clients had started to use private banking services, while almost 550 private banking clients had established corporate banking relationships.
Its One-Bank model is an important piece in its private banking proposition in Hong Kong as elsewhere
DBS’s focus on Asia also plays into its strength in Hong Kong. The bank combines a deep understanding of regional business dynamics, regulations and cultural nuances with extensive Asian insights and networks, enabling it to structure locally and regionally relevant wealth management solutions.
These factors helped the bank attract new clients last year, especially from north Asia. In the year to the end of September, DBS’s family office client base increased 36% to 470, with assets under management hitting $7 billion and trust injections exceeding $1 billion.