DBS Group Holdings has expanded its wealth management team to serve wealthy Russian clients, even as global rivals retreat amid sanction risks. Singapore’s largest lender recently hired two Russian-speaking private bankers, increasing its Russian-focused team in the city-state to at least nine, according to public records. One banker joined in June from Union Bancaire Privée, and another started in September from Credit Suisse.Over the past two years, DBS has recruited private bankers from competitors like Credit Suisse and Julius Baer Group, becoming a preferred wealth manager for affluent Russians in Asia. While Russian assets constitute a small fraction of DBS’s SGD401bn (USD294bn) under management, their growth contrasts with institutions such as UBS and HSBC, which have curtailed ties with Russian clients due to concerns over Western sanctions.