DBS Bank named Best Private Bank for Wealth and Society in Asia Pacific at the Global Wealth and Society Awards 2018

LONDON, Nov. 9, 2018 /PRNewswire/ -- On November 8, Wealth and Society held its inaugural Global Wealth and Society Awards at the Courthouse Hotel Shoreditch, London. Three sets of awards were presented during the night, Product and Service Achievement, Business Achievement and Leadership Achievement in Wealth and Society Awards. A total of 8 awards were given during the awards ceremony.

• DBS Bank remains committed to environmental, social and governance (ESG) and digitalisation to achieve tangible and significant outcomes
• Private wealth management bank across regions demonstrated extensive focus in meeting customers' financial, lifestyle and social needs
• Regional players have shown great appetite for engaging with trusted advisory partners

The recipients of the Global Wealth and Society Awards underwent a stringent and comprehensive evaluation process, demonstrating high understanding of client's personal aspiration as well as family and business interests. Winning institutions depicted the verve to deploy wealth in ways to bring about positive impacts on the society and at the same time made positive financial return on client investments.

DBS Bank was recognised as the Best Private Bank for Wealth and Society in Asia Pacific

For achieving tangible and significant outcomes for its business, customers and communities at large and most successfully demonstrating a clear strategic vision of the Future of Wealth around the core pillars of ESG, Estate Planning, Ecosystem, alternative investments and external asset management, DBS Bank was recognised as the Best Private Bank in Wealth and Society for Asia Pacific at the Global Wealth and Society Awards 2018 dinner.

The bank scored high across all criteria, in meeting performance standards in the Value of Franchise, Financial Performance, Social Impact and Technology and Efficiency (Digitalisation). Operating the largest and fastest growing private banking business among the region's domiciled banks, the bank significantly improved its profitability, reduced cost-to-income and elevated return-on-equity through a series of successful acquisitions and digital enhancements. The seriousness of its ESG focus was validated by delivery of extensive and holistic range of products and services and key customer and community initiatives around social impact investments.

Continuing to scale up in meeting customers evolving needs

Private wealth management banks have continued to scale up in meeting evolving financial, lifestyle and social needs by either digitalising key aspects of businesses or innovating their investment product suites.

For fostering core values of simple, transparent, convenient and caring through its "Young Banker Officer" program, the bank undertook best practices to ensure financial intermediation and successful transfer of wealth for its clients. Taishin International Bank was awarded the Best Private Bank for Wealth and Society in Taiwan.

A great appetite for engaging with trusted advisory partners

The reversal of flows from traditional centres of wealth to domestic wealth management centres has expedited the onshoring of wealth management services. Regional banks have taken the opportunity to partner with old and sophisticated private wealth institutions.

Bank Mandiri strengthened investment services for family offices to offer a rich private banking experience through a strategic partnership with Lombard Odier. The bank enunciated a clear focus in meeting the Indonesian Government's ESG targets through impact investment bonds. The Best Private Bank for Wealth and Society in Indonesia was awarded to Bank Mandiri.

While a dominant market share and wide branch network helped KB Kookmin secure significant share of high and ultra-high net worth population, partnership with Lombard Odier was key in meeting Korean Private Banking customer's global investment needs. KB Kookmin Bank was recognised as the Best Private Bank for Wealth and Society in South Korea.

About Global Wealth and Society Awards Programme

The Global Wealth and Society Awards Programme seeks to recognise high and ultra-high net-worth individuals who use their wealth to bring about positive impacts on the society that they operate in, and the institutions that help them do so. Around the world opportunities in wealth are being created in different ways, driven by new innovations, and the growth of wealth in different societies can be a force for good. Individuals who have successfully build their businesses or managed inherited assets have an important role in building sustainable societies. Through this programme, we have measured wealth not by the people who are wealthy but by the people who are useful to the society they operate in.

Click here for specific details relating to description of the awards, evaluation criteria and process, https://www.wealthandsociety.com/theglobalwealthandsocietyawards/criteria.

The Global Wealth and Society Awards is powered by the research capability of The Asian Banker, one of the leading international strategic business intelligence, research and consulting service providers that is focused on the financial services and wealth management industries. Established since 1996, The Asian Banker has built extensive presence, developed strong industry networks and generated significant goodwill among players and their clients in the major countries of Asia Pacific, the Middle East and Africa over more than 20 years.

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Alfred Labiccasi
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Wealth and Society
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alabiccasi@wealthandsociety.com