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Maybank sees wealth management a growing part of consumer banking

Posted on February 28, 2013, Thursday

KUALA LUMPUR: Maybank, which bagged eight Euromoney Private Banking Awards recently, sees wealth management as a growing portion of its Consumer Banking Business especially with the rise of the affluent customers segment in the region.

“In terms of financial assets, we anticipate the growth rate to be sustained at 18 per cent to 20 per cent in 2013,” said its head of High Networth & Affluent Banking, Choong Wai Hong, in a statement yesterday.

“Annual growth has been accelerating from 16 per cent in 2010 to 22.7 per cent, reaching RM62 billion as at December 2012 and we see this trend continuing to drive our business performance,” he said.

Maybank bagged eight out of nine awards related to private banking services in a poll by Euromoney.

The Euromoney Private Banking and Wealth Management Survey 2013 was conducted in over 60 countries and is considered one of the most notable recognitions in the global wealth management industry.

In the 10th annual survey, Maybank won the Best Private Banking Services Overall award, and was No.1 in Relationship Management; Privacy and Security and Range of Investment Products.

The bank was also named the winner for various categories under Networth Specific Services which measure the amount of assets managed by banks.

Maybank was ranked top for Super Affluent (with managed assets of between  US$500,000 to US$1 million); High Net Worth I (US$1 milllion to US$10 million); High Net Worth II (US$10 million to US$30 million); and Ultra High Net Worth (greater than US$30 million).

Choong said the awards were a reaffirmation of the bank’s leadership in wealth management.

Maybank recently opened its first private banking centre (PBC) in Seberang Perai to tap into the huge potential in the area and better serve its customers in the northern region.

Prior to the opening, customers from Seberang Perai had to travel to Penang Island to avail themselves of Private Banking Services at two existing Maybank PBCs.

Maybank also opened a new PBC in Seremban last month. — Bernama

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