New Office
DBS Builds Dubai "Strategic Hub"

The Singapore-listed group is stepping up its presence in the Middle East, making a top-level appointment to drive growth in the region from an enlarged Dubai centre.
Singapore-headquartered DBS announced today it wants to
build a “strategic hub” in Dubai as part of its drive to expand
in the Middle East during the next five years.
The bank said it wants to be regarded as the “partner of choice
for clients wishing to access the Asian market”.
DBS has appointed Rudiger von Wedel as head of international
business, DBS Private Bank. Based in Dubai, he takes over from
Rob Ioannou, who will be moving on to lead DBS’ wealth, trust and
estate planning business, as well as drive the build out of DBS’
single family office offering and Australian desk. Von Wedel, who
will be reporting to Lawrence Lua, deputy head of private bank,
is a veteran in the industry and was most recently CEO of the
global wealth division of the National Bank of Abu Dhabi
(NBAD).
To some degree, DBS’ move puts it up against the likes of Bank of
Singapore, which last year opened a 75-person office in the Dubai
International Financial Centre. DBS has been present in
Dubai and says that over the past seven years, its Dubai branch
revenues have grown by 20 per cent per annum. Established in
March 2006, DBS’ Dubai branch became the first Singapore-based
bank to receive a banking license at the DIFC.
“Targeting the region’s growing presence of ultra-high net worth
(UHNW) and high net worth (HNW) individuals, family offices and
sovereign wealth funds, the bank also aims to triple its revenue
over the next five years by focusing on increasing client
diversity, spread and penetration,” the bank said.
DBS said it is building a “bespoke investment portfolio”
including private equity funds within growth segments such as
e-commerce, health technology, real estate, logistics and fintech
across growing Asian markets; structured products in key segments
for China and India; dual currency loans; and REIT initial public
offerings with underlying assets in Europe and North America.
Tan Su Shan, group head of wealth management and consumer
banking, DBS Bank: “As the former Development Bank of Singapore,
DBS believes that the UAE and Singapore are strongly linked by
their shared values of innovation, technological progress and
visionary thinking, making Dubai a natural choice for a regional
hub.”
"Wealth in the Middle East remains on the rise, with the number
of ultra-HNW clients with more than $500 million in assets in
this region projected to increase by 28 per cent – from 390 in
2017, to approximately 500 in 2022. With Middle East client
appetite for Asia wealth solutions growing, DBS is
well-positioned to support our Middle East clients in accessing
Asia’s growth opportunities through our strong Asian network,
innovative investment solutions and world-class digital
capabilities," she added.