Singapore bank DBS acquired 40,000 clients in Hyderabad after just opening its office earlier this year with plans to accelerate growth through new customer touchpoints.
After launching just six months ago, clients from the Hyderabad now make up for 30 percent of DBS India’s customer base. When compared to other geographies in the Indian market, Hyderabad’s new accounts boasted especially high balances with a quarter of its wealth management clients being non-resident Indians.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.
We will continue to invest where we believe the market provides an opportunity,» said Priyashis Das, head branch banking & wealth management, consumer banking, India, in a local media report. Hyderabad has a great opportunity for us.
Moving forward, DBS will seek to further its growth in Hyderabad with plans to establish 100 customer touch points in the next 12 to 18 months through a combination of branches and e-kiosks across 25 cities. In addition to direct client acquisition, DBS will also invest in improving client experience by opening an experience center in local hub Waverock.