DBS CEO Sees More Inflows To Singapore From China Doldrums
(Bloomberg) -- Singapore stands to benefit from more investments and a continued influx of wealth amid geopolitical tensions surrounding China and its tepid economic growth, according to Southeast Asia's largest bank.
DBS Group Holdings Ltd.'s Chief Executive Officer Piyush Gupta said the situation offers some positives for the city-state even as Asia is impacted by China's slowdown. The region is seeing an inflow of investments that the bank is able to capitalize on, Gupta said at a post-results briefing Thursday.
The lender reported S$12 billion ($8.9 billion) of net new inflows in the six months ended June 30. About half per quarter came from North Asia, Gupta said.
Read more: DBS Sees Higher Margin After Quarterly Profit Tops Estimates
A lukewarm recovery in China and deterioration in relations with the US in particular have pushed investors and businesses to diversify away from the world's second-largest economy, creating new opportunities for lenders in the region.
Singapore has seen wealthy individuals and Chinese companies setting up more treasury centers and operations in the city-state, Gupta said. “Even the Chinese companies are doing China plus one,” he said, adding that DBS benefits from areas like wealth management.
--With assistance from Chanyaporn Chanjaroen.
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©2023 Bloomberg L.P.
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