DBS Sparks New Wave of Wealth Management Expansion in Thailand

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DBS is intensifying its wealth management expansion efforts in Thailand after pandemic-induced interruptions, while simultaneously streamlining its brokerage operations through workforce reductions.

Sim Lim, DBS Vickers’ chairman, highlighted the bank’s renewed commitment to Thailand during a press briefing in Bangkok on February 14. DBS aims to bolster its presence by recruiting experienced bankers to serve the growing affluent population in the country.

The bank is implementing its ‘wealth continuum’ strategy in Thailand, blending digital and physical advisory models to aid clients in investment decisions. This comprehensive approach integrates local and international services, a plan disrupted by the COVID-19 pandemic in 2020.

In September 2019, DBS unveiled a collaboration between DBS Private Bank and DBS Vickers Securities (Thailand) to double wealth management assets from SGD 4 billion to SGD 8 billion by 2023. This initiative aimed to provide Thai wealth clients with seamless access to extensive wealth management services, alongside doubling the number of wealth management bankers in Thailand by 2023.

These plans are progressing, with DBS Private Bank actively recruiting for Thailand operations, including domestic and international roles. Notably, Edwin Tan from Credit Suisse will join as the market head for Thailand, Vietnam, and the Philippines. DBS has significantly expanded its team by hiring from Credit Suisse’s Thai unit, which UBS closed post-merger, including two senior investment consultants and two private bankers last month.

DBS anticipates a substantial increase in its wealth management assets in Thailand, potentially tripling in the next one to two years, with DBS Securities managing around THB 100 billion in assets by the end of 2023.

On the brokerage front, DBS Vickers (Thailand) will reduce its workforce to around 160 from a high of 280, primarily impacting the brokerage department. The division is embracing a digital-first approach to serve Thai retail customers more efficiently, leveraging AI for financial advisory and personalized investment recommendations based on customer risk profiles.

Additionally, DBS plans to introduce its hybrid human-robot advisor, DBS digiPortfolio, and various investment options by the second half of 2024, enhancing its digital investment services.