DBS, Shenzhen Rural to Offer Wealth Management in China
(10 May 2022 – Singapore, Hong Kong) DBS has tied up with Shenzhen Rural Commercial Bank (SRCB) to offer wealth management services for mainland China investors.
These services will be offered for “Southbound” investors or residents in the nine mainland cities that form China’s Greater Bay Area.
Since the Wealth Management Connect (WMC) scheme launched in October 2021, over 80% of DBS’ WMC Southbound service customers are completely new-to-bank. The average total amount invested per WMC customer reaches over RMB 130,000 at DBS, more than eight times the market average (RMB 16,365).
Jie Yuan, president of SRCB, said the mainland bank has been deepening its collaboration with DBS since the Singapore bank acquired 13 percent of its stake.
“Adding SRCB as our newest WMC Southbound partner in 2022 is a major milestone in the journey of both banks in forging new opportunities for GBA investors. This has strengthened our ‘WMC multiple-partnership strategy’ to provide individual investors across the GBA with exceptional and more varied international wealth management services,” said DBS Bank (Hong Kong) Chief Executive Officer Sebastian Paredes.
Subscribe