DBS shift to fast gear as private banks power ahead in Asia

Published: 08.07.2019 Related countries:  Singapore Singapore

The private banking business in Asia is firing on all pistons, and increasingly, Singapore's champions DBS and OCBC are among the shakers and movers, not just the Swiss giants.

The business is fiercely competitive and cost cutting continues to be seen and heard; yet those staying the course are reporting more of everything - additional hiring and impressive double-digit gains in assets under management (AUM) and higher income.

UBS's study on global billionaires last year found Asia to be leading the way in wealth creation. The region minted a new billionaire every three days, led by China. Of the 210 new billionaires created, 113 billionaires were Asian entrepreneurs.