CIMB unveils private wealth proposition for ASEAN clients

Malaysia’s CIMB Bank Berhad has introduced CIMB Private Wealth, a wealth segment targeted at affluent clients in ASEAN.

The Business Times reported that CIMB Group intends to roll out the private wealth business in Singapore and Thailand before the end of the year.

The move forms part of a wider plan to double wealth assets under management by 2030.

The offering brings together institutional financial services, advisory support and wealth products aimed at helping clients with capital growth, asset protection and succession planning.

Under CIMB’s Forward30 plan, the new segment will cater to a range of clients in ASEAN through investment, lending and protection products, as well as wealth advisory services.

The client base includes high-net-worth individuals seeking specialist guidance on wealth matters, along with business customers managing personal investments and cross-border financial activity.

Customers in this segment will receive recognition across the region tied to Private Wealth privileges and will have access to the group’s commercial and wholesale banking network in ASEAN.

The private wealth clients will be supported by senior relationship managers and certified investment advisors.

They will receive portfolio reviews, asset allocation guidance and market updates from CIMB’s chief investment office (CIO), with digital access available through the MyWealth feature on CIMB’s OCTO banking app.

The package also includes premium privileges across CIMB’s ASEAN network and benefits linked to the CIMB Private Wealth World Elite Card.

CIMB Group consumer banking CEO Haniz Nazlan said: “We are seeing a great rewiring of wealth, especially in the ASEAN region. Multiple generations are actively involved in the rapid evolution of wealth creation, protection and intergenerational transfer, all happening at the same time. “Clients are seeking trusted partners to navigate the complexity of wealth management to grow, preserve and transition their wealth legacies. In line with the CIMB brand promise, ‘Moving You Forward’, CIMB Private Wealth is designed to cater to the changing needs, behaviours and aspirations of today’s savvy affluent clients.”

“CIMB unveils private wealth proposition for ASEAN clients” was originally created and published by Private Banker International, a GlobalData owned brand.