Singapore’s DBS Bank is planning a 7 percent to 8 percent annual growth in assets under management (AUM) in the next few years, according to Business Times. With that, its current assets under management is expected to increase from $234 billion to $300 billion by 2023.
More recently, DBS Bank Taiwan said that its clients operating in Singapore and Taiwan are facing volatility because of a slowing global economy and the looming US-China trade war.
The bank expects economic ties between Taiwan and Singapore to continue growing, even with uncertainty over the trade war. General Manager Lim Him-chuan told the media “Like Taiwan, Singapore is highly sensitive to changes in global trade as it is an open economy. However, we believe that the two nations would improve in the long term and the economic cooperation between companies would continue as well.”
Even though DBS is a popular bank in Singapore — it is not as famous in Taiwan. The reason is because the local unit does not mention that the bank is from Singapore.
DBS Singapore said its wealth management business is anticipated to grow in the second half of the year or next year on the basis of capital repatriation.
In July, DBS Singapore injected $72.21 million as fresh capital into its subsidiary DBS Bank Taiwan to fund digital transformation. This way, the Taiwan subsidiary’s paid-in capital would grow from NT$30 billion to NT$32.25 billion — becoming the third-largest foreign bank in Taiwan after Citibank Taiwan.