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DBS names new Greater China PB head

Hong Kong alone accounts for nearly a quarter of the group’s net profits.

DBS in Hong Kong has named Peter Tung as head of private banking for Greater China, according to a statement from the firm. He replaced Januar Tjandra, who has retired, according to a statement from the firm.

Tung will be responsible for managing and developing DBS’ private banking business in Hong Kong, Macau, mainland China and Taiwan.

He has at least 26 years of industry experience. Before DBS, he was a Hong Kong-based partner at Beijing-headquartered Venturous Capital, a family office specialising in smart city technology investments. He was also head of the ultra-high net worth Greater China business at UBS Wealth Management and spent 17 years at Morgan Stanley Asia Private Wealth Management, according to the statement.

“The Greater China market remains a key focus as we continue to strengthen our position as a leading wealth manager in Asia,” Joseph Poon, group head at DBS Private Bank, said in the statement.

The bank has been stepping up efforts to roll out more wealth management services in Greater China. Last November, for example, DBS in Hong Kong unveiled its “i-wealth app” to attract new wealth management clients, and which incorporates instant identity verification, biometric recognition and digital security. It was marketed as a “virtual, invisible bank”, rather than “pure” virtual bank, because the Singapore-based lender will maintain its physical presence in Hong Kong.

As of the end of 2019, DBS’ wealth management business managed S$245bn ($176bn) in client assets, according to DBS Group’s annual report.

Overall, Hong Kong accounted for 22% or S$1.42bn ($1.02bn) of DBS Group’s net profits in 2019, according to its annual report. Meanwhile, net profits for the rest of Greater China was at S$210m.

Part of the Mark Allen Group.