The Singapore-based financial institution has announced plans to secure a local licence in Hong Kong to address increasing demand for discretionary portfolio management (DPM) services.

In a statement yesterday, DBS Private Bank disclosed its intention to seek regulatory approval in Hong Kong to offer DPM services locally.

As part of this initiative, the Singapore-listed group is "assembling a team of qualified personnel," according to an emailed comment from DBS.

"Our private banking clients worldwide can already leverage the proficiency of our Singapore-based DPM team to craft bespoke investment solutions.

However, we are contemplating a local licence in Hong Kong to provide clients with greater convenience and on-the-ground access to better satisfy the surging demand for DPM services," the statement read. Despite Hong Kong and Singapore being competing wealth management hubs, this move underscores DBS's commitment to expanding its services to affluent and high-net-worth clients in both locations and the surrounding areas.

DBS has closely monitored the preferences of wealthy investors in Hong Kong. For instance, a survey conducted by DBS in Hong Kong among 1,517 high-net-worth individuals revealed that they expect their portfolios to achieve an average return of 9 percent this year.

The primary investment objective for 69 percent of these investors in 2025 is wealth preservation. Additionally, 61 percent of those surveyed plan to increase their investment allocations in the next 12 months.

In early August, DBS reported that its consumer banking/wealth management division achieved a pre-tax profit of S$2.397 billion (USD 1.87 billion) in the first half of 2025, compared to S$2.346 billion in the same period last year.

DBS hits a new high, reaching 52.7 early this morning, Sep 10.