Malaysia's Second Largest Bank Targets Rich Clients in Singapore and Thailand

Haniz Nazlan, the CEO of CIMB's consumer banking, said the bank is expanding to serve rich clients in Southeast Asia. This expansion follows the bank's private wealth business launch in Indonesia and Malaysia.

Haniz said that Southeast Asia's economy is growing fast, with a value of $4 trillion and annual growth of 4%, which is higher than many developed countries.

People are gathering at the Prada store to see a famous superstar.

The region's rich population is expected to grow by 5-6% each year, and the middle class will make up 65-70% of the population by 2030.

The market is driven by increasing incomes, cross-border investments, and wealth transfers between generations.

Daniel Cheong, CIMB's head of consumer banking, said the new private wealth service is for clients with at least $244,612 in assets.

This service is above CIMB's priority banking segment, which requires $61,153 in assets.

Private Wealth offers dedicated managers, investment advice, and customized products.

Rich clients want advice beyond investment products.

They want to know how to protect their wealth, prepare their children, and make better decisions in an uncertain world.

Haniz said CIMB's wealth management assets were around $61 billion last year, but did not provide growth targets or customer numbers.

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