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    D05   SG1L01001701

DBS GROUP HOLDINGS LTD

(D05)
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DBS : private bank offers wealth succession planning for cryptocurrencies

05/13/2021 | 11:35pm EDT
A logo of DBS is pictured outside an office in Singapore

HONG KONG (Reuters) - DBS Group said on Friday its private banking arm has started offering trust services for cryptocurrencies, helping rich clients include the emerging asset class in their succession plans.

This is the latest move into cryptocurrencies by Southeast Asia's largest bank, which late last year launched a cryptoexchange for institutional and other accredited investors.

Several other banks around the world are cautiously starting to offer crypto-related services, often to their very wealthy clients, drawn by the recent surge in the price of bitcoin and other cryptocurrencies.

Bitcoin has risen more than 70% so far this year, even after volatility driven by a series of tweets by Tesla CEO Elon Musk.

DBS said on Friday its trust subsidiary is offering private banking clients support for investing in, storing and managing digital assets for cryptcurrencies including the two largest, bitcoin and ether, and including these assets into their wealth succession plans.

"International regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them," said Lee Woon Shiu, regional head of family office, wealth planning and insurance solutions at DBS Private Bank, in a statement.

(Reporting by Alun John in Hong Kong; Editing by Shri Navaratnam)


ę Reuters 2021
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Analyst Recommendations on DBS GROUP HOLDINGS LTD
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Financials
Sales 2021 14 617 M 10 810 M 10 810 M
Net income 2021 6 638 M 4 909 M 4 909 M
Net Debt 2021 - - -
P/E ratio 2021 11,6x
Yield 2021 3,89%
Capitalization 77 692 M 57 634 M 57 457 M
Capi. / Sales 2021 5,32x
Capi. / Sales 2022 5,00x
Nbr of Employees 32 341
Free-Float 98,6%
Chart DBS GROUP HOLDINGS LTD
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DBS Group Holdings Ltd Technical Analysis Chart | D05 | SG1L01001701 | MarketScreener
Technical analysis trends DBS GROUP HOLDINGS LTD
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Mean consensus BUY
Number of Analysts 21
Last Close Price 30,25 SGD
Average target price 33,46 SGD
Spread / Average Target 10,6%
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Managers and Directors
Piyush Gupta Vice Chairman & Chief Executive Officer
Sok Hui Chng Chief Financial Officer
Lim Huat Seah Non-Independent Non-Executive Chairman
Jimmy Ng Chief Information Officer & Head-Operations
Chee Kin Lam MD, Head-Legal & Group Compliance Officer
Sector and Competitors