Awards for Distinction 2012 – Malaysia


afd2012

CIMB Private Banking

Carolyn Leng

Carolyn Leng
Head
CIMB Private Banking, Malaysia

Onshore opportunity abounds in Malaysia. With consistently strong GDP growth over the best part of four decades, a strengthening Ringgit and asset appreciation in the real estate and equity spaces, Malaysia is poised for a wealth explosion that could see its high net worth population of 32,000 individuals as of 2010 increase to 71,000 by 2015. This year, CIMB Private Banking has demonstrated that it stands ready to tap this potential, rightly earning itself the title of Asian Private Banker Best Private Bank – Malaysia for 2012.

Since its establishment in 2002, CIMB Private Banking’s footprint has expanded to include five domestic private banking branches, with 47 private bankers and a private banker-to-client ratio of 1:62. It has also set out to grow a more nebulous, yet incontestably vital aspect of the private banking business – client trust.

Five years ago, CIMB Private Banking took on the task of persuading an equity-centric domestic market to move assets into fixed-income, with a view to increasing diversification and lowering volatility. Despite clients’ initial tentativeness, CIMB Private Banking’s concerted effort has seen its clients enjoy balanced and consistent returns with lower volatility, while the bank has enjoyed a 14% year-on-year increase in average assets under management per client, to MYR4 million (US$1.3 million), in the process building the bank’s total assets under management to MYR11.5 billion (US$3.8 billion) as of September 2012. Moreover, with almost 20% of CIMB Private Banking clients offering to disclose their total assets to the bank, Asian Private Banker recognises these factors as evidence that the Malaysian stalwart has succeeded in its task.

CIMB Private Banking’s ability to leverage different divisions in the CIMB Group, including its investment bank, commercial bank, trust and estate planning services, and Islamic banking services, ensures the private bank will remain a dominant fixture in Malaysia’s wealth management landscape, a point Carolyn Leng, Head, CIMB Private Banking, Malaysia, is clearly cognisant of. “CIMB Private Banking has the privilege of managing wealth with a truly holistic picture of asset size and allocation,” she asserts – and Asian Private Banker agrees.