SINGAPORE – DBS, South-east Asia’s largest bank, will pursue growth within Asia rather than seek to become a global bank, with chief executive Tan Su Shan identifying wealth management, capital markets and trade as regional bright spots.

Asia “has a strong hand”, with growing capital markets, fast wealth creation, increasing trade, diversified demographics and strong artificial intelligence adoption, she said.

“We’re not a global bank, and I don’t think you’ll see us becoming a global bank like a Citi or HSBC – we want to be an Asian bank for Asians,” she noted on Sept 11 at a fireside chat organised by the Singapore Press Club as part of its Eminent Speaker Series, presented by SPH Foundation.

The dialogue was moderated by The Business Times associate editor Lee Su Shyan.

The bank is investing in where it anticipates strong structural growth in Asia, including wealth management. DBS has “come a long way” in growing its wealth-management business, but still maintains a large gap with UBS – the largest wealth manager globally, with more than US$7.3 trillion (S$9.25 trillion) in assets under management (AUM), Tan said.

The Singapore bank, which is targeting $1 trillion in AUM by 2030, “still has a lot more to grow” in that aspect, she added.

“But my view is, I’m not just going to help the very rich – I want to help the mass market too.”

She also wants DBS to be front and centre of growth in Asian capital markets, while deepening relationships with financial institutions, pension funds, sovereign wealth funds and other institutional investors.

Still, Tan acknowledged that US capital markets are difficult to beat.

“I do admire how they can create secondary markets in everything. Asset recycling is very fast and very mature, and they are also able to create diversification very quickly.”

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