DBS to Boost Private Banking Team in North Asia Amid Rising Wealth Inflows

DBS Group plans to hire approximately 40 private bankers in Hong Kong and Singapore in 2025 to meet rising demand from wealthy clients in mainland China and Taiwan seeking offshore diversification.

Carol Wu, Head of Private Banking for North Asia, said half of the hires have been completed, with strong recruitment activity continuing.

DBS reported a 30% rise in private banking revenue and 130% surge in net new money in Hong Kong in the first five months of 2025.

Despite divergent regulatory frameworks, Hong Kong and Singapore remain in fierce competition to attract regional wealth flows, driven by market volatility and geopolitical uncertainty.