Pacific Trustees Bhd and OCBC Bank (Malaysia) Bhd (OCBC Bank) have entered into an agreement to make estate planning and integrated corporate services accessible to more Malaysians.
Through the collaboration, both parties will share their experience and leverage their combined resources to offer added value to their clients.
With this, customers can look forward to accessing the estate planning services of Pacific Trustees through OCBC Bank’s business referral model, with value-added services offered for wealth preservation and succession planning.
Pacific Trustees, a 28-year-old award-winning regional trust company with a presence in Kuala Lumpur, Singapore, Labuan and Hong Kong, has provided trust services to more than 270 bonds and sukuk issuers in the market, with a total fund size of about RM509 billion in nominal value.
During the five-year alliance with OCBC Bank, Pacific Trustees will offer its wide range of will and trust plans throughout Malaysia as well as integrated corporate services in Labuan.
Pacific Trustees’ ability to offer services in Labuan, which is an international offshore financial centre, distinguishes it from its competitors. In Labuan, the company is licensed by the Labuan Financial Services Authority and offers Corporate Services, Corporate Trustee Services and Wealth Management Products & Services.
Pacific Trustees Group International Chairman Mr Paul Cheah said the collaboration will increase the distribution channels of estate planning and integrated corporate solutions, giving Malaysians greater access to these financial solutions to prepare a holistic wealth plan.
“Over the decades, we have established ourselves as specialists in estate planning. More and more Malaysians are aware of the importance of having a will today, and we aim to also increase awareness about having a trust as well, as investment and insurance trusts.
“We have a wide range of estate planning solutions, ranging from wills to care trusts, investment trusts, insurance trusts, and family office trusts. For those wishing to give back to society, we also offer philanthropic support services by helping to set up the charity and non-profit foundations,” he said.
The collaboration with OCBC Bank is part of Pacific Trustees’ expansion plans, with further alliances with other financial institutions, including insurance firms, in the pipeline. The company recently embarked on a Digital Transformation Plan, which aims to unlock value in the Collective Investment Scheme, Estate Planning, and Digital Asset Custody.
“The COVID-19 pandemic has held back some of our expansion plans, but now, it is time to accelerate and make up for lost time. Today, we mark another milestone in Pacific Trustees’ journey towards becoming a leader in the trust industry. We have provided top quality trust services to our clients for
nearly 3 decades, and we could not have done it without supportive collaborators such as OCBC Bank,” said Mr. Cheah.
Commenting on the collaboration OCBC Bank Managing Director & Head of Consumer Financial Services Ms. Anne Leh said: “OCBC Bank is committed to growing our wealth management products and solutions and this includes the all-important dimension of estate planning. We are eager to come on board and work together with Pacific Trustees to leverage on their recognised strength in this core area.”
