DBS Group Holdings Ltd. is seeking to boost its asset under management to S$300 billion by 2023 from about S$234 billion currently and is willing to consider mergers and acquisitions to hit the target, The Business Times reported Sept. 12.
The Singaporean bank is looking to grow its AUM by 7% to 8% annually over the next few years, said Lim Sim, the Singaporean bank's group head of consumer banking and wealth management business. The bank will "look at every opportunity" and will consider M&A activities "if the price makes sense" to reach the growth target, Lim told the newspaper.
The bank also to grow its business in Indonesia given "a lot of organic growth" in the country, Lim added.
As of Sept. 11, US$1 was equivalent to S$1.38.
