DBS focuses on wealth continuum in Thailand, trims brokerage business

DBS has resumed its wealth management expansion in Thailand, after a temporary disruption from the pandemic, and shifted away from its brokerage business by trimming its total staff.

The bank’s chairman of DBS Vickers, Sim Lim, told reporters in Bangkok on 14 February, that the bank is committed to the Thailand business, with plans to hire more experienced bankers to service the country’s rising number of high net worth individuals.

DBS plans to implement its ‘wealth continuum’ approach in Thailand, which includes an advisory-focused, ‘phygital’ model to help its clients navigate investments and transact. Lim said the fully integrated onshore and offshore wealth management proposition was derailed by the Covid-19 pandemic in 2020.