The number of ultra-high net worth individual (UHNWI) households has more than doubled to 1,46,000 in fiscal year 2016 from 62,000 in FY 2011
As at 31 December 2017, DBS’ total wealth assets under management stood at S$206bn, with S$18bn coming from ANZ.
The cost increases at UOB and OCBC mean they are narrowing the earnings gap with DBS, where per-head compensation fell by 5% over the same period as it took on cheaper staff in India and in retail banking, following the acquisition of some of ANZ’s
The bank also agreed to sell part of its stake in Metrobank Card to Metrobank, the second largest bank in the Philippines, for $144 million.
DBS acquired the Australian bank's wealth management arm inSingapore, Hong Kong, China, Taiwan and Indonesia 16 months ago.