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DBS, Shenzhen Rural to Deal Wealth Management in China


May 10, 2022
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DBS reveals involvement in the cross-border plan for financiers and homeowners in the Greater Bay Location.

The Hong Kong arm of DBS, Southeast Asia’s biggest bank, has actually consolidated Shenzhen Rural Commercial Bank (SRCB) to provide wealth management services for mainland China financiers, the 2 banks stated in a news release Tuesday.

As finews.asia formerly reported, the services will be used for “Southbound” financiers or homeowners in the 9 mainland cities that form China’s Greater Bay Location.

DBS gotten a 13 percent stake in 2015 in SRCB making it the biggest investor. It now intends to utilize the Chinese bank’s regional network to broaden the wealth management company. The contract likewise marks DBS’ 3rd WMC tie-up with a mainland bank. SRCB has 10 million private clients and 280,000 little- to medium-sized business (SMEs) as clients, the release showed.

New Customers

DBS stated that more than 80 percent of its Southbound customers are entirely brand-new clients because the program’s October launch, with the typical overall invested quantity per WMC client reaching more than CNY130,000 (US$ 19,347), compared to the CNY16,365 market average, it stated, mentioning China reserve bank information.

Jie Yuan, president of SRCB, stated the mainland bank has actually been deepening its partnership with DBS because the Singapore bank took its stake, by dealing with enhancing customer support and presenting brand-new innovation.

As part of that, it plans to diversify and internationalize its financial investment item offering and supply digital banking services.

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