Dec 07, 2012
Singapore, December 5th 2012 – DBS Bank today announced that bank customers will soon be able to trade shares without the need to maintain separate relationships with their bank and a broking firm. This makes DBS the first Singapore bank to offer banking and brokerage products under one roof. The initiative will further strengthen DBS’ wealth proposition as the bank continues to execute against strategy to become a leading wealth player in the region.
Said Sim S Lim, Singapore Country Manager, DBS Bank, “At DBS, we are committed to putting the customer at the heart of the banking experience. Given the increasing sophistication of our customers, there is growing demand for a ‘one-stop’ platform which allows access to a full array of banking and brokerage products. We believe the holistic bank brokerage model is an integral part of the future of banking. We intend to more actively tap on the expertise and insights of DBS Vickers’ award-winning franchise, so as to offer a greater value proposition to our customers.”
DBS will roll out this initiative in phases, starting with DBS Treasures Private Client and DBS Private Bank customers in mid 2013. The same unified service will be extended to all other DBS customers by end 2013. With the rollout, DBS customers will be able to tap on a team of equities specialists within the bank for advice on equities-related investment options. With an Internet banking account, they will also be able to trade online, while having access to more than 85 iBanking services such as telegraphic transfers and electronic payment for shares.
Said Tan Kong Khoon, DBS Group Head of Consumer Banking, “Today, self-directed investment is the fastest growing segment of the securities business. With this initiative, we will create a new channel whereby customers can trade equities and manage this asset class as part of their portfolio, benefiting many of our 1.7 million Internet banking users. This is part of a long-term, strategic plan to create different and more value added propositions for our customers.”
Not only will it be more convenient for DBS customers to trade equities, they will also be able to access the gamut of Asian insights by the bank, with research on equities, currencies and interest rates made freely available to them.
Said Chew Sutat, Executive Vice President of Singapore Exchange, “We welcome DBS’ initiative to make investing in shares more convenient and easier for the public. This will encourage more retail investors to include equities in their retirement planning.” According to SGX, Singapore's current active retail investor participation rate of 8% pales in comparison with Australia's 17% and Hong Kong's 25%.
With this initiative, DBS Vickers customers will also have more options. Those who prefer to trade through their trading representatives can continue to do so. Alternatively, they can continue to trade online via DBS Vickers Online, or conduct their broking transactions through DBS Bank, without the need to maintain separate banking and brokerage relationships.
DBS Vickers CEO Edmund Lee added, “The landscape for the brokerage business is rapidly changing, and there will be greater convergence between stockbroking and banking. As a leading securities and derivatives brokerage firm in Singapore, we pledge to offer greater value and convenience to our customers. By enhancing our customer proposition with a comprehensive suite of bank and brokerage products and services, we will stay ahead of the curve and take the lead in defining the future of broking.”
In 2012, DBS Vickers was recognised as the best local broker by FinanceAsia for the 11th year in a row. It was also named Best Broker in Southeast Asia and Best Retail Broker in Singapore by Alpha Southeast Asia. In the Asiamoney Brokers’ Poll this year, DBS Vickers’ equities research team was lauded for having the Best Overall Research in Singapore.
Re-disseminated by The Asian Banker