DBS Bank Taiwan aims to grow its wealth management and fee income by 25 percent this year as the Singaporean lender is seeking to aggressively increase its number of affluent clients.
The bank posted NT$495 million (US$16.38 million) in pretax income for the first quarter, more than three times the NT$155 million posted a year earlier, but lags far behind foreign peers Citibank with NT$2.55 billion, HSBC Bank with NT$1.62 billion, Standard Chartered Bank with NT$1.08 billion and ANZ Bank with NT$1.04 billion, according to Financial Supervisory Commission statistics.
“We expect growth in wealth management and fee income to reach 25 percent this year” amid the improving economy at home and abroad, DBS Bank Taiwan general manager Jerry Chen (陳亮丞) said.
DBS yesterday opened a new branch in Taipei’s Zhongzheng District (中正) with relationship managers to help affluent Taiwanese with asset allocation.
The lender has yet to see a concrete increase in wealth management demand linked to the recent deregulation of offshore banking units, Chen said.
Chen said he is not clear on how the proposed free economic pilot zones could benefit DBS’ operations in Taiwan, but welcomes the government’s plan to create a regional champion among domestic financial institutions.
The Financial Supervisory Commission has encouraged local banks to learn from DBS and develop into a regional leader through acquisitions and mergers.
DBS has 42 branches in Taiwan and plans to maintain that number for the foreseeable future, Chen said.
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