Singapore’s DBS Private Bank has set a target of at least 50% of assets under management in sustainable investments by 2023, up from around 41% currently.
The private banking arm of Singapore lender DBS says it is “committed to galvanise clients” in Asia to adopt environmental, social and governance (ESG) investing standards as part of its three-pronged approach to sustainability.
“The bank will also widen and deepen clients’ access to its ecosystem of social enterprises in the region to fund, support and develop these enterprises,” it says in a statement on March 21.
DBS Private Bank was among the first in Asia to integrate MSCI ESG ratings into its products, and is now moving to hold itself accountable on sustainability, according to Group Head Joseph Poon.
“By taking this step, we are not only availing greater transparency of our offerings, but are also holding ourselves accountable to our pledge to boost our share of sustainable investments,” he says in the statement.
Private banking is part of the DBS Group's wealth management business, which had S$251 billion (US$186.89 billion) of assets under management as of mid-2020.