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INVESTMENT BANKING | Staff Reporter, Singapore

Myanmar's MAB launches wealth banking platform

The bank is aiming to double its premium members within one year.

Myanmar Apex Bank (MAB) has launched a premium service for the super-rich called MAB Gold Wealth Banking to cater to individuals with a minimum fixed deposit of $197,509 (K300m), reports Eleven Myanmar.

Around 35% of the bank’s total deposits come from high-net worth clients and MAB is seeking to double the volume of its premium members within one year, Gary Voon, executive vice president and head of consumer banking at MAB told Eleven Myanmar.

Also read: Asia beats Europe and America in private banking gains in 2017

High-end customers of MAB Gold Wealth Banking can avail of premium dining experiences, wealth banking centres, dedicated relationship managers, MAB’S Fly for Free miles programme, free access to Pan Pacific Lounge in Yangon and Hilton Hotel Mandalay, complimentary golf green fees and their individual travel concierge managers.

They can also get a uniquely designed Visa card and participate in a draw for a first-class condominium unit.

“Wealth is growing around the Asia Pacific region. There is no difference in Myanmar. As a country that has just opened up its economy, there are many opportunities for banks to provide better services,” added Voon.

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