Singapore-based DBS Group has launched its private banking services in Macau to tap into the boom brought on by the growth in the gaming industry. The bank has been operating in Macau since 1973 but was limited to consumer and corporate banking services. Private banking services offered include deposits, investment advisory, trust and corporate services, securities broking, fiduciary services, estate and succession planning and liquidity planning. DBS currently has about 50 staff in Macau, with 10 involved in private banking services. It plans to expand the number of private banking staff to 20 within two years, according to Joddy Kong, senior vice-president for private banking, DBS Hong Kong. She told the South China Morning Post that private banking services in Macau would also be backed by the bank's regional teams in areas such as product development, back-end operating and market analysis. Ms Kong did not say the bank would target casino customers flooding Macau, but said it would focus on the nouveau riche with at least $1 million, created by Macau's gaming boom. Macau banking customers, she said, had been under the mistaken impression that they were receiving private banking services when they were getting only high-end consumer banking. The bank saw added opportunities to provide investment banking services for high net worth customers, such as initial public offerings, advising on mergers and acquisitions, and bond issuance and syndication.