Awards for Distinction 2023 – Best Private Bank – Singapore HNW

Best Private Bank Singapore HNW


DBS Bank

Best Private Bank – Singapore HNW

Joseph Poon

Group head
DBS Private Bank

We are honoured to receive the prestigious recognition, for Best Private Bank – Singapore HNW and UHNW, and Best International Private Bank in Taiwan. These achievements underscore DBS Private Bank’s steadfast commitment to delivering exceptional wealth advisory services tailored to the distinctive needs of our esteemed clients throughout the region.

The acknowledgment in these categories affirms our sound strategy and leadership position in Singapore and the region. We did not achieve this overnight and the wins bear testament to our relentless pursuit of
excellence in our capabilities, particularly in the family office space. We will not rest on our laurels but continuously refine and further strengthen our capabilities to keep pace with our clients’ evolving needs in a world marked by increased uncertainties.

What was behind the judges’ decision?

  • When the pandemic prompted clients to reassess succession planning and wealth preservation, DBS Private Bank capitalised on its early investment in the family office proposition by assisting clients. This led to substantial growth in its family office business in Singapore, as well as the onboarding of the most single-family offices in the city-state in 2023
  • The bank’s HNW legacy insurance revenue grew year-on-year and is projected to hit a new high. DBS is also developing trust solutions for cryptocurrencies for its HNW clients. Digital assets, which form a part of clients’ portfolios, saw significant growth in the number of Bitcoins traded on the DBS Digital Exchange. The private bank has also enhanced its product shelf with more ESG solutions and alternative investments
  • The private bank has hired more relationship managers to bolster its business. It has also invested thousands of hours in training and upskilling its bankers, wealth planners, insurance specialists and trust managers on the evolving regulatory, family office solutions, and IPO trust structuring landscapes, to name a few. In addition, more relationship managers are engaging in AI-augmented conversations with clients, which is resulting in more clients taking up wealth planning solutions

What we said

“DBS Private Bank’s success in attracting new family offices, providing comprehensive wealth planning solutions, and offering diverse products including digital assets and sustainable investments has contributed to its record high net new money and increased revenue in Singapore,” said Audrey Raj, senior consultant and South Asia editor of Asian Private Banker.

“The Singapore private bank’s business approach is designed to address client needs from a commercial bank perspective. The majority of its private banking clientele consists of business owners who have adopted its advisory services and solutions to enhance their personal and corporate assets, remaining faithful to its one-bank proposition.

“These factors were key considerations in awarding DBS Private Bank with the Best Private Bank – Singapore HNW award. The judging panel at APB was pleased by the bank’s regional advancements and extends congratulations to all for this recognition.”

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