PETALING JAYA: United Overseas Bank (M) Bhd (UOB) intends to double its affluent customer base by 2028, elevating its wealth proposition to meet rising income levels, increasing financial sophistication, and evolving client expectations.
Citing findings from Boston Consulting Group’s Global Wealth Report 2026, UOB noted that while the affluent and emerging high-net-worth segment is expanding rapidly in markets such as Malaysia, it remains underserved in terms of advisory access and support.
It added that a significant share of wealth is still concentrated in deposits, reflecting limited access to advisory-led investment solutions.
“Leveraging the bank’s deep Asean connectivity, UOB Group is well positioned to serve this segment, supported by S$210bil (or approximately RM653bil) in assets under management (AUM) across its retail banking business.
“In Malaysia, the bank has already seen a strong momentum in its affluent wealth business, with invested AUM growing 30% since 2024, driven primarily by strong delivery of its fixed-income solutions, reflecting the bank’s disciplined wealth advisory approach.”
