In June 2023, Singapore’s largest bank by assets claimed it banks a third of Singapore’s 700-odd family offices then. It appears DBS has maintained this proportion of clients, even as the number of family offices here has risen to “an official number” of 1,100, as Shee puts it.
DBS banks “more than a third” of Singapore’s family offices, and these high-net-worth individuals are drawn here not just from North Asia but from “all around the world”, says Shee Tse Koon, group executive and group head of DBS’s consumer banking group and wealth management.
Speaking at the Wealth Management Summit Asia on March 14, Shee says 76% of client growth recorded by DBS Private Bank over the past two years came from global clients, including those in South Asia, the Middle East and Europe.
