15 May '11, 9pm

Wealth management is key: by Chris Howells SINGAPORE - Wealth management is fast becoming a bigger part of the e...

SINGAPORE - Wealth management is fast becoming a bigger part of the earnings of local banks and analysts say it is set to be a key segment driving growth in revenues and profits in the years to come. The three local banks have made efforts in previous years to tap into the growth of high net worth customers in the region. With the acquisition of the Asian unit of ING Private Bank in October 2009, OCBC catapulted into the ranks of the region's biggest wealth managers. Wealth management made up 27 per cent of total revenue in the first quarter, up from 23.5 per cent in the previous quarter. The bank said its fee income growth of 23 per cent on year to S$279 million was led by the continued strong performance of its wealth management franchise. DBS also saw similar growth in fee and commission income of 22 per cent on year in the first quarter to S$416 million. The smallest p...

Full article: http://www.todayonline.com/Business/EDC110516-0000210/Wea...

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