KUALA LUMPUR: Malayan Banking Bhd (Maybank) has expanded its wealth management business to Sarawak with the opening of a new Private Wealth Centre in Kuching and located within the existing Maybank Crown Towers Premier Centre.
Maybank’s global network of private wealth centres now stands at five with its other centres located in Kuala Lumpur, Singapore, Hong Kong and London, the bank said.
In a statement on Tuesday, Maybank said wealth management remained a key pillar of its growth over the next few years.
As at September 2015, its total private wealth business recorded some RM20bil in total financial assets (TFA). Combined with its premier wealth segment, the total wealth management business tipped the scale at RM150bil.
Head of regional private wealth, Alvin Lee, said the Kuching centre was the first such facility in East Malaysia, and it complemented the existing network of six Premier Wealth Centres in Sabah and Sarawak.
“Following the rapid growth of the affluent client segment which is served by the premier wealth service centres, we have opened this new private wealth centre to meet the discerning financial requirements of this market segment,” he said.
Lee said the centre in Sarawak would offer comprehensive products and services, advisory services on investment to maximise returns for clients and a high level of attention to clients needs in order to increase wealth creation.
“With the level of expertise that Maybank has to offer, the group will continue to offer consistent returns for its clients. In 2014, our investment advisory generated an average of 12% returns without gearing.
“This year, despite the challenging business environment which has seen many equity markets trading in a very volatile fashion, we were still able to exceed the benchmarks in our investment strategy,” he added.
Maybank’s commitment to its wealth management business was recently recognised when it received nine awards at the 25th Private Banker International Global Wealth Summit and Awards 2015.
This came after awards for Best Private Bank in Malaysia, Best Wealth Management Provider in Singapore and Best Islamic Wealth Solutions Globally from various other established surveys.
Originally published on www.thestar.com.my