DBS Bank is expanding its footprint in the Gulf Cooperation Council (GCC), aiming to bridge the gap between Middle Eastern wealth and Asian investment opportunities.
Opening Asia’s Doors for GCC Clients
DBS is positioning itself as the go-to partner for GCC clients seeking access to Asia’s dynamic markets. Operating out of Dubai, the bank plans to “clear the fog” around Asian investment opportunities and provide tailored solutions for high-net-worth families.
“We would like to open doors around here. We would like to initiate them to the Asian world and to tell them a bit more of what Asia is,” Loic Voide, Head of Private Banking for Middle East and Africa at DBS Bank, told BackgroundBriefing.news.
The strategy includes supporting the next generation of investors in areas such as private equity, while also offering innovative digital banking solutions through its state-of-the-art DBS app.
Competing in a European-Dominated Market
The GCC private banking sector has long been dominated by European institutions. However, DBS sees a shift in client priorities. Wealthy families, now in their third or fourth generation, are increasingly looking beyond traditional Western markets toward Asia.
“While in the 90s and 2000s, those GCC clients were very much looking northwest, since a while now they’re looking at the world… more and more they’re starting to look at southeast,” Voide noted.
Growth Plans and KPIs
DBS aims to diversify its client base and expand its team in the region. The bank is well-known for serving the Non-Resident Indian (NRI) segment but now seeks to attract local GCC families, including businesses in sectors like logistics and luxury goods.
The ultimate goal: diversify the client book, hire more bankers, and deliver innovative investment solutions that connect GCC wealth with Asia’s growth story.
About the speaker:
Loic Voide
Head of Private Banking for Middle East and Africa
DBS
Loic Voide, Head of Private Banking for Middle East and Africa at DBS Bank, is responsible for spearheading the bank’s private banking strategy and client engagement across the region. Based in Dubai, he brings extensive leadership experience from senior roles at global financial institutions, including Deutsche Bank, UBS Wealth Management, and Credit Suisse, where he specialized in serving ultra-high-net-worth clients.
At DBS, Voide’s mandate includes strengthening the bank’s wealth management franchise and facilitating cross-border capital flows between the Middle East, Asia, and other key markets. His appointment reflects DBS’s commitment to delivering bespoke financial solutions and expanding its presence in growth markets.
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5W1H summary
| Category | Details |
|---|---|
| What | 1. DBS expands in GCC region 2. Focus on Asia access 3. Diversify client base |
| How | 1. Hire more bankers 2. Offer digital solutions 3. Provide investment options |
| Why | 1. GCC wealth shift to Asia 2. Compete with European banks 3. Support next-gen investors |
| Who | 1. DBS Bank 2. GCC wealthy families 3. NRI and local clients |
| Where | 1. Dubai hub 2. GCC countries 3. Asia markets |
| When | 1. Current expansion phase 2. Post-2025 strategy 3. Ongoing client engagement |
Frequently Asked Questions:
1. What is DBS’s main goal in the GCC?
DBS aims to connect GCC clients with Asia, offering investment solutions and digital banking services.
2. How does DBS plan to differentiate from European banks?
By focusing on Asia access, innovative digital platforms, and tailored investment strategies for GCC families.
3. Why is DBS expanding in the GCC now?
GCC wealth is shifting toward Asia, and DBS sees an opportunity to serve this growing interest.
4. Who are DBS’s target clients in the region?
Local GCC families, next-generation investors, and businesses beyond the traditional NRI segment.
5. What digital solutions does DBS offer to clients?
The DBS app enables online trading, payments, and self-directed investment options.
Transcript of the interview:
II’m very excited with the opportunity. Our aim as DBS bank in the region out of Dubai is to clear the fog when it comes to their access to Asia.
We would like to open doors around here. We would like to initiate them to the Asian world and to tell them a bit more of what Asia is.
We’d like to close some gaps on investment solutions. We’d like to support the next generation of clients on everything that they would like to do around private equity for example in Asia.
We look at the GCC as a whole. Bahrain is a smaller country, but there’s still a lot of wealth, and this is a country we cover.
What does DBS bring to the banking story in the GCC, seeing that it’s largely dominated by large European banks?
That’s right. What has changed over the last, I’ve been doing this since quite a bit.
Traveling to the GCC since the first time in Dubai in 1996 and traveling to Saudi since 1998. We’ve seen we’re getting into the third sometimes even fourth generation of very wealthy people.
While in the 90s and 2000s, those GCC clients were very much looking northwest, since a while now they’re looking at the world. The world is always northwest for us, but more and more they’re starting to look at southeast.
This is really what DBS can bring to the table compared to some others. This is where the opportunity is for DBS.
We want to hire more bankers. We want to have more people on the ground.
We want to continue to support our clients. We want to come up with innovative investment solutions.
We want to give them access to this fantastic digital bank, DBS. Our clients today are enjoying this app, being able to trade online, state-of-the-art app, being able to do payments.
Private banking is always there to support them, but for some, they prefer to do it themselves, and we give them all those capabilities.
And ultimately, what’s your KPI having just joined the bank? What we’ve been hired to put into place.
It’s very simple. Diversify our client book.
Diversify the bankers that are covering the region. DBS is very well known to the NRI segment that we serve NRI clients extremely well.
But we would like to go beyond and serve those local families. If you are a UAE client in the logistics world or a Dubai chocolates client, we want to support you. We would like to support this family to build some Asian roots and see how we can support them in the growth of their company. This includes getting equipment, supply, or access to new markets. Those families will want to hear from us.