DBS to add 100 wealth bankers in Hong Kong as clients trade more

[HONG KONG] DBS Group Holdings, Singapore’s largest lender, is planning to recruit 100 bankers catering to the rich in Hong Kong over the next three years with clients having more appetite to trade. 

Clients with at least HK$1 million (S$163,138) in investible assets are becoming more active in the financial markets, prompting the firm to add headcount, Ajay Mathur, DBS’ head of Hong Kong consumer banking and wealth management, told the South China Morning Post in an interview. Volatility across assets from equity to bonds and currencies attracted investment demand, Mathur said in the article, which was confirmed by DBS.

DBS’s Hong Kong wealth revenue grew 86 per cent in the first quarter from the corresponding period in 2023, according to Mathur.

DBS is also looking to add another wealth management hub in the city next year to offer products including insurance and financial planning services, he said. Its first such local centre opened last year at Queen’s Road Central, targeting rich customers from Hong Kong and China. BLOOMBERG