Westpac is poised to expand its private banking business with the goal to double both staff numbers and revenues in Southeast Asia over the next half decade, Reuters reports.

"A lot of money is coming into Asia," Sean Straton, the Singapore-based head of the Southeast Asia private banking arm, told the news service in an interview. "A lot of Europeans will start to move their wealth into Asia, particularly in Singapore."

He did not give further details about the firm's expansion plans.

The bank presently has 10 relationship managers and five other front-line employees servicing over 2,000 clients in the region, especially in Indonesia, Malaysia and Singapore.

Westpac, primarily a home lender, also provides private banking services to high net worth Asians looking to invest in Australian properties and Australian dollar-denominated deposit opportunities.