KUALA LUMPUR: CIMB Group
aims to become the primary wealth management partner for affluent individuals across ASEAN through the introduction of CIMB Private Wealth, as rising incomes, urbanisation and intergenerational wealth transfers reshape demand for wealth advisory services across the region.
The new wealth management proposition, introduced by CIMB Bank Bhd, combines institutional-grade financial solutions with personalised wealth advisory services tailored for affluent clients, in line with the group's Forward30 strategy to provide higher-value investment, financing and protection solutions across ASEAN.
Group Consumer Banking chief executive officer Haniz Nazlan said ASEAN is undergoing what CIMB describes as the "great rewiring of wealth", driven by demographic shifts, urbanisation and rising income levels, creating long-term opportunities for the wealth management industry.
"Urbanisation is one key driver. Another is rising income levels that drive the ability of customers to have discretionary earnings and money to start thinking about investment," he told a press conference after the launch of CIMB Private Wealth here today.
Haniz said micro, small and medium enterprises, which account for more than 90 per cent of businesses in ASEAN, are also a key driver of wealth creation, with many entrepreneurs increasingly requiring banking and wealth management solutions beyond their business operations.
"This group of entrepreneurs and business owners has significant demand to move capital across the region, be it remittances, investments or business expansion into neighbouring markets.
"As wealth management becomes increasingly complex and cross-border, our role extends beyond managing assets. We want to be a strategic partner that connects opportunities across the region, helping clients seize new opportunities and build a lasting legacy," he said.
Haniz said wealth is also becoming increasingly mobile as customers seek investment opportunities and financial solutions across multiple markets, while business owners require cross-border banking services to support regional expansion.
"All of these drivers, if you put them all together, are driving this huge growth in terms of the wealth trends in the market.
"The fact that many banks are focusing on this particular area is not a coincidence. It is an underlying transformation or structural change across the region," he said.
Haniz said CIMB Private Wealth is designed for clients with at least RM1 million in assets under management, combining institutional-grade investment solutions, personalised advisory services, regional banking connectivity and exclusive privileges to help clients grow, preserve and transfer wealth across generations.
The initiative also supports CIMB's ambition to double its wealth assets under management by 2030 while strengthening customer relationships and positioning the group as clients' primary banking partner through integrated banking, wealth management and legacy planning solutions. - Bernama
