The private banking arm of Singapore's DBS said today that it expects 20 to 30 per cent annual growth in net new assets from China, Indonesia and India, as it prepares for expansion in Asia's fastest-growing markets for millionaires, a top executive for the bank has said.

"The high delta or the high growth markets right now are clearly China, Indonesia for Southeast Asia, and India," Su Shan Tan, DBS's group head of wealth management, said at the Reuters Global Private Banking Summit. "So those are our key focus areas right now."

Tan, a former Morgan Stanley banker who joined DBS in July, said the bank has set up two teams in Singapore to target rich Indian clients and hopes to have five to six bankers by the end of the year for that segment.

(WealthBriefing editor Tom Burroughes has been speaking about issues relating to the Reuters summit over at the Reuters Insider television channel.)

DBS is also looking at the possibility of starting onshore private banking in India after it expanded onshore in China, while Indonesian clients will be targeted from Singapore, the report said.

Tan said the private bank, which holds close to S$35 billion ($27 billion) in client assets including debt, could see double-digit annual growth in assets overall over the next few years.