SG Morning Highlights: DBS Private Bank sees robust growth on multiple fronts

Market Trend
Singapore shares opened lower on Monday. The $富時新加坡海峽指數(.STI.SG)$ decreased 0.42 per cent to 3,369.04 as at 9.06am.

Advancers / Decliners is 50 to 73, with 81.89 million securities worth S$76.33 million changing hands.

Breaking News
DBS Private Bank sees robust growth on multiple fronts

2021 was a year when Covid-19 surged anew in Singapore and globally, but clients of DBS Private Bank barely skipped a beat.

Assets under management (AUM) in DBS Private Bank rose by 12.7 per cent in 2021, compared to 7 per cent in 2020. Net new monies jumped by nearly 40 per cent, buoyed by robust growth in key business areas, including in-house managed products and family office advisory.

DBS does not specifically disclose the private bank's AUM. In 2021, AUM under the overall wealth management franchise, which includes priority banking, rose 10 per cent to S$291 billion.

Stocks to Watch
$HPL (H15.SG)$ : The hospitality company on Saturday said it has, through its 80 per cent-owned joint venture company HPL Olympia, entered into a share purchase agreement with an unrelated party to sell its entire 100 per cent stake in the share capital of 2 JV companies - HPL (Olympia) and Maple Olympia Propco 4 S.à.r.l.

In a bourse filing on Saturday (Apr 9), Hotel Properties said the total consideration of the transaction is £40.8 million (S$72.4 million), and the sale of the ownership interest will result in a gain of about S$29 million for the group.