DBS Group, the Singapore-based banking group, expects its wealth management assets in Taiwan to grow over 10 per cent by the end of this year from less than T$20 billion ($609 million) now, according to a report by Reuters, quoting the bank’s Taiwan president on the sidelines of a company event.

The news service quoted Jerry Chen, speaking to a group of reporters.

The banking group’s private wealth arm has been enjoying strong performance, as it told WealthBriefing earlier this year. While many, if not most, private banks around the world, and in the Asian region in particular, are suffering an outflow of assets under management, DBS Private Banking arm is seeing unprecedented inflows.

Since 2003, when DBS refocused its private bank more towards the high net worth segment, it has positioned itself to be the Asian private bank of choice.