DBS Group Holdings Ltd. has expanded its wealth management team to attract affluent Russian clients, taking advantage of opportunities that many global competitors are avoiding due to increasing sanction risks.

The Singapore-based bank has recently hired two private bankers, bringing the total number of Russian-speaking wealth managers in the city-state to at least nine. One of the new hires joined in June, while the other started in September.

This strategic move positions DBS to serve a specific market in a challenging global landscape for wealth management services targeting Russian nationals.