SINGAPORE (Sept 18): DBS has identified a new area for growth opportunities in Thailand – its rapidly growing wealth population.

DBS Private Bank and DBS Vickers Securities (Thailand) on Wednesday announced a partnership which seeks to target Thailand’s growing pool of wealth clients with seamless access to fully integrated onshore and offshore wealth management propositions.

Thailand’s wealth population has shown rapid growth over the years. The Kingdom is home to over 122,000 high-net-worth individuals (HNWIs) as of 2017 – almost equal to the number of HNWIs in Singapore.

HNWIs are defined as those having investable assets of US$1 million ($1.4 million) or more, excluding primary residence, collectibles, consumables, and consumer durables.

Through the strategic partnership, DBS hopes to double its wealth assets under management in Thailand from $4 billion to $8 billion by 2023, as well as double its headcount for wealth relationship managers. 

Sim S Lim, DBS Group Head of Wealth Management and Consumer Banking, says “We believe the Thai wealth market holds immense potential, having witnessed Thai investors’ growing sophistication and receptiveness to investment ideas, and the Bank of Thailand’s encouraging regulatory stance towards offshore investments.”

According to DBS, the partnership is aimed at HNWIs who are increasingly looking to diversify their portfolios and access investment opportunities overseas. 

This partnership will combine DBS Vickers Securities (Thailand)’s comprehensive onshore offering across funds, equities, structured notes and bonds as well as strong Thai market advisory, with DBS Private Bank’s global wealth expertise, extensive Asian network and full suite of offshore wealth management solutions and platforms. 

This “one-stop” proposition – the first of its kind in Thailand – will enable the bank’s wealth clients to conveniently access and manage their investments in one place. 

In contrast, existing market practices require investors to go through separate entities one for onshore and another for offshore – for their investment needs.

Pattera Dilokrungthirapop, CEO, DBS Vickers Securities (Thailand), says: “HNWIs in Thailand are relatively conservative with offshore investments, but this is beginning to change. As their personal wealth grows, we’re seeing corresponding demand for holistic wealth management services and global investment strategies. Today, what they want is a ‘one-stop shop’ that provides trusted advisory, wealth products and solutions, and a seamless onshore and offshore experience – a gap that DBS can effectively fill through this partnership.”

Shares in DBS closed 27 cents lower, or down 1.1%, at $25.03 on Wednesday.