CIMB Group aims to double AUM under preferred segment by 2025

KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have strengthened their offerings for emerging and affluent clients across the ASEAN region and aim to double the assets under management (AUM) under the banking group’s Preferred segment by 2025.

The CIMB banking group noted that the total ASEAN wealth market generates annual revenue of around RM40 billion, and is expected to grow rapidly between 2020 to 2025 with a forecast compound annual growth rate of over 13 per cent.

"As such, the bank is doubling down on providing best-in-class service and personalised solutions to meet the changing needs of today’s emerging and affluent ASEAN segment.

"This includes access to CIMB Preferred Preferential Rates, which offers clients attractive financing rates, investment, bancassurance and bancatakaful products, as well as personalised portfolios, backed by insights to help clients achieve their financial goals,” it said in a statement today.

Group Consumer Banking chief executive officer, Samir Gupta said as new categories of affluent individuals and families emerge with different needs and expectations, the group had reassessed the traditional wealth band approach to client segmentation and realigned CIMB Preferred to better serve ASEAN clients.

"Through CIMB Preferred, we aim to become the bank of choice for emerging and affluent clients in the region by providing personalised, trustworthy advice and a differentiated experience, backed by our strong ASEAN franchise.

"Our proposition will support the growth of CIMB’s overall affluent business aspirations, which we had identified as a key focus area under our Forward23+ Strategic Plan,” he said.

The CIMB Preferred proposition reflects the bank’s aim to double down and grow its affluent business, which includes both preferred and private banking clients.

CIMB has also continued to expand its Islamic wealth offerings to better capture the growing demand for the incorporation of Shariah principles into the financial planning process, which covers wealth creation, accumulation, protection, purification and distribution.

"CIMB’s Islamic Wealth Management solutions offer a broad range of Shariah-compliant products and services, such as deposit products, financing products, investment products, bancatakaful, zakat and waqf payments,” it said.

On another note, the banking group said that it plans to grow its client base in Singapore as a hub market for both onshore and offshore banking clients.

"Clients will benefit from seamless access to other markets with diversified cross-border financing solutions to manage and to grow their wealth and better address their needs and goals,” it added. - Bernama

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