DBS Group Holdings is hiring additional private bankers in Hong Kong as the bank continues to attract significant funds from mainland China and Taiwan.

The North Asia business head, Sebastian Paredes, disclosed that the number of clients acquired from mainland China has reached nearly 1,200 so far in 2024.

Sebastian, who also chairs DBS’s China unit, noted that the bank has experienced “substantial” financial inflows from Taiwan over the past year.

“We continue to hire. This year, for example, we are expanding our headcount in the private banking business by more than 25 percent,”

said Sebastian in an interview on Bloomberg TV.

DBS, Singapore’s largest lender, is expanding its presence in Hong Kong as some older international banks in the city are scaling back.

According to Asian Private Banker, in 2023, DBS replaced Credit Suisse as the third-largest private bank in Asia, excluding onshore China. DBS manages assets worth approximately US$201 billion (HK$1.5 trillion).

The publication reported that the bank’s total headcount of relationship managers increased by 12 percent to 730 in 2023, surpassing HSBC.

Sebastian commended the Hong Kong government’s initiatives to promote the city as a tourism and entertainment hub for Chinese mainlanders.

However, he also noted the competitive challenges Hong Kong faces from countries like Japan, where a weakened yen has attracted many tourists.

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