CIMB launches Private Wealth segment

It will offer protection, lending, and investment products to affluent ASEAN customers.

CIMB Bank Berhad has launched CIMB Private Wealth, a new wealth segment that targets affluent clients in ASEAN.

CIMB Private Wealth promises bespoke advisory and curated wealth solutions to help clients achieve their growth ambitions, wealth preservation, and legacy planning, the bank said.

It will offer protection, lending, and investment products as well as wealth advisory services, CIMB said.

Wealth is becoming increasingly multifaceted and borderless, and a bank’s role now extends beyond managing assets, said Haniz Nazlan, CEO, Group Consumer Banking at CIMB Group.

“We are seeing a great rewiring of wealth, especially in the ASEAN region. Multiple generations are actively involved in the rapid evolution of wealth creation, protection and intergenerational transfer, all happening at the same time,” Nazlan said.

Haniz said that clients expect wealth solutions that integrate investments, financing, succession and lifestyle aspirations within a single ecosystem.

ASEAN’s affluent population is expected to grow 5% to 6% annually, whilst the middle class is expected to account for around 65% to 70% of the region’s population by 2030, according to CIMB.