DBS Group Holdings Increases Private Banking Team In Hong Kong By 25%

DBS Group Holdings is hiring additional private bankers in Hong Kong as the bank continues to attract significant funds from mainland China and Taiwan.

The North Asia business head, Sebastian Paredes, disclosed that the number of clients acquired from mainland China has reached nearly 1,200 so far in 2024.

Sebastian, who also chairs DBS’s China unit, noted that the bank has experienced “substantial” financial inflows from Taiwan over the past year.

Sebastian ParedesDBS Group Hong Kong

Sebastian Paredes

“We continue to hire. This year, for example, we are expanding our headcount in the private banking business by more than 25 percent,”

said Sebastian in an interview on Bloomberg TV.

DBS, Singapore’s largest lender, is expanding its presence in Hong Kong as some older international banks in the city are scaling back.

According to Asian Private Banker, in 2023, DBS replaced Credit Suisse as the third-largest private bank in Asia, excluding onshore China. DBS manages assets worth approximately US$201 billion (HK$1.5 trillion).

The publication reported that the bank’s total headcount of relationship managers increased by 12 percent to 730 in 2023, surpassing HSBC.

Sebastian commended the Hong Kong government’s initiatives to promote the city as a tourism and entertainment hub for Chinese mainlanders.

However, he also noted the competitive challenges Hong Kong faces from countries like Japan, where a weakened yen has attracted many tourists.

Featured image credit: Edited from Freepik

RECENT NEWS

EDENA Unveils AI System To Automate Sovereign Asset Settlement

At the DAT Summit Hong Kong, EDENA Capital Partners launched the Autonomic Financial OS. The company describes it as an... Read more

Naver Exposes 15,000 Knowledge IN Users Activity, Moves To Improve Privacy Controls

Naver has announced measures following an incident in which around 15,000 users’ activity histories on Knowledge iN w... Read more

Japans PayPay Files For US IPO, Targets Valuation Above US$10B

SoftBank‘s digital payments unit, PayPay, has filed publicly for a US IPO. The listing could be the largest by a Japa... Read more

Inference Research Launches In Hong Kong With US$20M Seed Funding

Inference Research, an AI-native quantitative trading firm based in Hong Kong, has announced its launch and the expecte... Read more

London-Based Unlimit Appoints Michele Fung To Lead APAC Expansion

London-based fintech company Unlimit, which provides a broad range of financial technology services, has appointed Mich... Read more

SoFi Launches Digital Asset Trading In Hong Kong Through OSL Partnership

SoFi Securities (Hong Kong) (SoFi Hong Kong) and OSL Group have announced a partnership to offer digital asset trading ... Read more