Friday, 26 April 2024
DBS Private Bank appoints Joseph Poon as regional head of South East Asia and promotes Lawrence Lua as deputy head of private bank
Singapore -- DBS, Singapore’s largest bank and the only Singaporean bank among the top six wealth managers in Asia, announced that Joseph Poon has been appointed as the Regional Head of South East Asia, DBS Private Bank, effective 16 August 2016.
Joseph was most recently Head of UBS Wealth Management - Ultra High Net Worth (clients with over CHF 50 million of bankable assets) and Global Family Office businesses for South East Asia. He is a veteran in the wealth management industry and has held various senior positions at several leading private banks, including Julius Baer, Macquarie Private Bank Asia and JPMorgan Singapore.
Joseph will be reporting to Lawrence Lua, who has been promoted to Deputy Head of DBS Private Bank. Lawrence was previously Head of South & Southeast Asia at DBS Private Bank and will continue to report to Tan Su Shan, Group Head of Consumer Banking & Wealth Management.
Lawrence joined DBS Private Bank in 2011 and has been instrumental in driving the bank’s private banking business in South and Southeast Asia. His promotion underscores DBS’ commitment to internal mobility and talent development as the bank continues to build upon its successes in the region.
Together with Joseph, Jun Tjandra, Head of North Asia Private Banking and Rob Ioannou, Head of International, will report to Lawrence.
Said Tan Su Shan, Group Head of Consumer Banking & Wealth Management, DBS Bank, “As we further entrench our position as a leading wealth manager in Asia, we believe that it is important to identify and build deep bench strength in our bank. With these senior appointments, we are ready to take our private banking business to the next level with a strong focus on the ultra high net worth segment and the digital evolution. As we execute against our strategy to achieve our ambition of becoming the wealth manager of choice, we will continue to focus on enhancing the delivery of our financial and banking capabilities to our clients. This includes our initiatives to deliver the next generation client experience in providing advice and the ongoing development of our best-in-class digital wealth platform.”
Over the last few years, DBS Private Bank has grown to become the sixth largest wealth manager in Asia Pacific. According to an April 2016 ranking released by Asian Private Banker, a wealth management industry publication, it is the only Singaporean bank in the top six and the latest ranking brings the bank to within a whisker of its aim of being among the top five wealth managers in the region.
The growth of DBS’ wealth management franchise is robust, fuelled by the organic growth of emerging Asian new wealth and also by its successful execution of a wealth continuum. After the successful acquisition of Société Générale Private Banking Asia in 2014, DBS Private Bank continues to grow from strength to strength. It has also consistently achieved growth of about 20% annually since 2010.
As of March 2016, DBS’ high net worth assets under management (HNWIs with more than SGD1.5 million each in investible assets) and assets under management for all wealth customers stood at SGD101 billion and SGD147 billion respectively. In 2015, DBS Private Bank was named the world’s ‘Most Innovative Private Bank’ by three of the industry’s leading journals. Most recently, DBS was named the ‘Best Asian Private Bank’ by FinanceAsia and ‘Best Wealth Manager, Asia’ by The Asset, and more notably, as the ‘World’s Best Digital Bank’ by Euromoney, the first time an Asian bank has won an award in a global category by this publication. These accolades are an endorsement of DBS’ strong culture of innovation and client focus.
Re-disseminated by The Asian Banker
