DBS to almost double staff, triple revenue of Mideast private banking | Reuters:
DBS (DBSM.SI), Southeast Asia’s largest bank, said it would almost double its Dubai private banking staff in its bid to triple revenue for those operations in the Middle East by 2023, capitalizing on a shift of investments towards Asia.
The Singapore bank is joining Citibank (C.N) and other global lenders expanding wealth management operations in the region. The prospective client base includes wealthy Middle East business people, family offices and non-resident Indians.
DBS said it planned to double headcount for its private bank in Dubai by 2023 from about 11 now to about 20.
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