DBS Bank joins wealth management trail

The surging private wealth of rich Indians is attracting more and more foreign banks offering wealth management services.

Singapore's DBS Bank has now launched its wealth management services, called "Treasures priority banking", in India, a month after France's SG Private Banking started operations.

Industry estimates put the wealth of the top 70,000 rich individuals in the country at $260 billion.

Kankipati Rajan Raju, managing director & head, south and southeast Asia at DBS Bank, said DBS will leverage on its Asian strengths and also tap the growing number of Indians moving to other Asian countries for work.

DBS will also tap top officials of its corporate clients for offering priority banking, which involves providing wealth and investment advisory services.

DBS Bank has made a beginning with Mumbai and will be launching wealth management services in New Delhi next month. Its wealth management business will be spearheaded by Raj Mahadev as head of wealth management advisory business.

It has recruited 25 people for its wealth management advisory services in Mumbai and will recruit another 10 for its proposed Delhi operations to begin with.

SG Private Banking India made a beginning with a staff of 50 at its offices in Mumbai and New Delhi. The existing players in the wealth management services space include BNP Paribas, ABN Amro, Citibank and ICICI Bank.

Several of them have gone beyond the metros are now also tapping the rich in smaller cities such as Nashik and Chandigarh.

DBS Bank has a branch each in Mumbai and Delhi. Subject to regulatory approvals, it plans to expand its reach to cities such as Chennai, Bangalore, Hyderabad and Pune, which have corporates and traders with interests in Asia. The bank will look at a similar footprint for expanding its wealth management advisory business.