Malaysia’s second largest bank targets affluent clients in Singapore, Thailand as Southeast Asia’s rich population expands

Haniz Nazlan, CEO of group consumer banking at CIMB, said Monday that the expansion is aimed at Southeast Asia’s fast-growing affluent segment. It follows the rollout of the bank’s private wealth business in Indonesia (earlier this year) and Malaysia (also Monday).

“ASEAN has grown into a US$4 trillion economy, delivering long-term annual economic growth of around 4%, well above many developed markets,” he told reporters at the launch of the private wealth business.

Supported by this momentum, the region’s affluent population is expected to expand by 5% to 6% annually, while the middle class is projected to account for 65% to 70% of ASEAN’s population by 2030.

The market is being driven by rising incomes, increasing cross-border investments, and a significant wave of intergenerational wealth transfers, he added.

Daniel Cheong, CIMB’s head of consumer banking for Malaysia, said the new private wealth service is targeted at clients with at least RM1 million ($244,612) in assets under management.

The offering sits above CIMB Preferred, the bank’s mass-affluent priority banking segment, which requires RM250,000 in assets.

Private Wealth provides dedicated relationship managers, investment advisers, treasury solutions, succession planning, customized investment products, and digital wealth capabilities.

Affluent clients, Haniz said, are increasingly seeking advice that extends beyond investment product selection.

“They want to know how to protect what they have built, how to prepare their children, how to access opportunities beyond their home markets, and how to make better decisions in an increasingly uncertain world,” he said.

Haniz said CIMB’s wealth AUM stood at about RM250 billion last year, but declined to provide interim growth targets or customer acquisition figures, saying it remains early in the rollout of the Private Wealth proposition.