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DBS India has introduced an enhanced wealth management service, offering Indian customers seamless access to cross-border treasury services in key Asian markets.
Among these Asian markets include Hong Kong, Taiwan, Indonesia, China, as well as Singapore.
This initiative is aimed at high-net-worth individuals (HNIs) and non-resident Indians (NRIs), reported The Times of India.
The bank's premium service, DBS Treasures is available to customers with a total relationship value of over Rs30m.
It provides a range of wealth management solutions, experienced relationship managers, and exclusive benefits.
In 2023, the bank introduced the Vantage Card, an exclusive credit card designed for HNIs and frequent international travellers.
DBS has also improved the account opening process for NRIs with a new digital procedure. This allows prospective customers to initiate their account opening online, granting them view-access before completing document submission.
The process, which can be completed in under an hour excluding documentation, is part of DBS's strategy to reducing paperwork and improving customer convenience.
Additionally, the bank recently inaugurated a flagship branch in Indiranagar, Bangalore, which will focus on delivering wealth management services to the affluent segment.
This is the third branch of the bank in the city.
DBS Bank India Wealth Management and Treasures head Richa Tripathi said: “Having been in India for over 30 years, DBS has developed a robust understanding of the preferences of high-net-worth Indians, both in the country and abroad.
“The pattern of wealth creation in India has become more decentralised, demanding a stronger regional presence.”
DBS reports that in 2023, the financial wealth of India's affluent population reached $588bn and is expected to grow to $730bn annually by 2028.
Recently, DBS Group initiated a SGD3bn ($2.2bn) share buyback programme, with shares to be purchased and cancelled on the open market at management's discretion, subject to market conditions.
"DBS India rolls out enhanced wealth management offering" was originally created and published by Private Banker International, a GlobalData owned brand.
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