By Fabiana Negrin Ochoa

DBS is planning the largest-ever physical expansion of its wealth franchise to harness surging demand from affluent and high-net-worth individuals in Asia.

The Singapore-based lender, the city-state's largest bank by assets, plans to open 18 new wealth hubs by end-2027 and upgrade 36 existing wealth ones over the next 18 months, it said Monday.

The combined expansion of new and upgraded centers will span Singapore, Hong Kong, mainland China, India, Indonesia and Taiwan.

DBS estimates that the affluent pool in Asia--defined as households with $100,000 to $1 million in investible assets--is projected to reach $4.7 trillion this year.

Even as investors increasingly use digital platforms to manage their wealth, face-to-face meetings still remain important for many, the bank said.

"What clients tell us, more than anything else, is that the relationship they want with their bank should feel personal, familiar and close to home," said Sanjoy Sen, group head of consumer banking at DBS.

The lender has been aggressively expanding its wealth-management business, a move that helped drive fee income and treasury customer sales to new highs in the first quarter.

During the first three months of the year, DBS's wealth assets under management reached 492 billion Singapore dollars, equivalent to US$385.40 billion, and has surpassed its S$500 billion target more than a year ahead of schedule.

The first wave of new wealth-management hubs is expected to open from the third quarter, with phased openings continuing through next year.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

(END) Dow Jones Newswires

June 01, 2026 03:16 ET (07:16 GMT)

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