DBS chief says wealth management business benefiting from inflows By Reuters
© Reuters. DBS CEO Piyush Gupta speaks during a Reuters Newsmaker event in Singapore September 14, 2023. REUTERS/Mindy Tan
By Yantoultra Ngui
HONG KONG (Reuters) -DBS Group’s wealth management business has benefited from inflows from across Asia, the Middle East and European regions recently, Chief Executive Piyush Gupta said on Thursday.
Gupta, speaking at a Reuters Newsmaker event in Singapore, added that the bank expected net inflows to be ‘pretty strong’ going forward.
He said wealth management was one of the best performing segments in the financial services sector and that the industry could support a high number of participants. His comments come in the wake of UBS Group’s emergency takeover of rival Credit Suisse.
Singapore has seen strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, due to the city-state’s status as a financial safe-haven.
The inflows and higher interest rates globally have boosted earnings for Singapore banks. DBS, Southeast Asia’s largest bank by assets, has predicted a record year for 2023 after posting a forecast-beating 48% jump in second-quarter profit.