Asia Wealth Transfer Drives Singapore Banks to Court Next Generation

The coming Asia wealth transfer is encouraging Singapore banks and wealth managers to build relationships with the children of affluent clients well before family assets change hands.

DBS, UOB and OCBC now operate three- to four-day programmes covering investing, entrepreneurship, leadership and personal development for younger members of wealthy families.

UOB’s sixth PriviGen programme attracted 63 participants aged between 18 and 25 from Singapore and Southeast Asia, while OCBC’s GENesis initiative hosted 27 young adults from Singapore, Hong Kong, Malaysia and Indonesia.

More than half of the OCBC participants came from families with at least one business owner.

UBS executive Conrad Huber said succession discussions can be easier when parents and children use the same financial institution.

The programmes illustrate intensifying competition among banks to retain family assets, deepen next-generation relationships and position themselves as advisers across multiple generations.