WEALTH MANAGEMENT | Tony Chua, Singapore

DBS to add hundreds of wealth management staff

Lender wants bigger share of private banking market as 23% quarterly profit rise disappoints.

DBS Group, Southeast Asia's biggest bank, said on Friday it would add hundreds of people to its wealth management business, as it seeks to grab a greater share of the fast-growing Asian private banking market.

The comments by CEO Piyush Gupta at a post-results briefing came after DBS recently poached Morgan Stanley's influential Southeast Asian private banker Tan Su Shan, according to a report in Reuters.

The bank earlier on Friday posted a 23 percent rise in quarterly profit, still disappointing investors given bumper profits at its domestic rivals.

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