As an ASEAN bank, the banking group is doubling down on providing best-in-class service and personalised solutions to meet the changing needs of today’s emerging and affluent ASEAN segment. In this, the bank intends to provide regional recognition and privileges to Preferred clients, ensuring seamless accessibility and priority treatment at over 140 CIMB Preferred Centres across the region. This includes access to CIMB Preferred Preferential Rates, which offers clients attractive financing rates, investment, bancassurance and bancatakaful products, as well as personalised portfolios backed by insights to help clients achieve their financial goals.
The total ASEAN wealth market already generates annual revenue of around RM40 billion. It is expected to grow rapidly between 2020-2025, with a forecasted compounded annual growth rate (CAGR) of over 13%. In line with the strong growth in this market, CIMB aims to double the assets under management (AUM) under its Preferred segment by 2025.
“As new categories of affluent individuals and families emerge with different needs and expectations, we have reassessed the traditional wealth band approach to client segmentation and realigned CIMB Preferred to better serve today’s ASEAN clients. Our proposition will support the growth of CIMB’s overall affluent business aspirations, which we have identified as a key focus area under our Forward23+ Strategic Plan,” Samir Gupta, CEO of Group Consumer Banking of CIMB Group said.
The CIMB Preferred proposition reflects the Bank’s aim to double down and grow its affluent business, which includes both Preferred and Private Banking clients. This will also entail investing in technology to enhance digital capabilities and adding more Relationship Managers to improve the client experience.
Meanwhile, CIMB has continued to expand its Islamic wealth offerings to better capture the growing demand for the incorporation of Shariah principles into the financial planning process, which covers wealth creation, accumulation, protection, purification and distribution.
Whilst the majority of the Bank’s Preferred business is based in Malaysia, it also seeks to grow its client base in Singapore as a hub market for both onshore and offshore banking clients. Clients will benefit from seamless access to other markets with diversified cross-border financing solutions to manage and to grow their wealth and better address their needs and goals.
