Banks in southeast Asia are limbering up for a protracted tussle with their Swiss and US rivals for a slice of the growing regional wealth market. Leading players, including DBS, Standard Chartered and OCBC in Singapore, Malaysia’s CIMB and Maybank, and Hong Kong-headquartered HSBC are particularly well placed for the battle ahead, says management consultancy Oliver Wyman.

Indeed, many banks keen to take advantage of the rapidly expanding markets are developing wealth management services under the watchful eye of the governments in the Association of South East Asian Nations, desperate to lock the wealth within their borders. For the time being, Asian banks have their sights on the wealthy family businesses on their doorstep, rather than looking north to China, the ultimate private banking prize.

“While more than 35 per cent of Asia’s onshore wealth is in China – and this continues to grow – southeast Asia is a lot more accessible for international players,” says Toby Pittaway, head of Oliver Wyman’s Asia-Pacific financial services practice.