CIMB Private Banking
Six 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 MYR1.7 million (US$524,000) year-on-year increase in average AUM per client, to MYR5.7 million (US$1.7 million), in the process building the bank’s total AUM to MYR16.9 billion (US$5.2 billion) as of October 2013. Asian Private Banker recognises these factors as evidence that the Malaysian stalwart has succeeded in its objective.
CIMB Private Banking also rolled out products for its high net worth Muslim investors through CIMB Islamic. The private bank’s Islamic offering, which ranges from Islamic dual-currency investments to Islamic share margin financing, gained significant traction. The bank intends to be the first in Malaysia to develop a fully Shariah-compliant private banking account.
For its proven and demonstrated ability to understand and meet the needs of all of its Malaysian clients, and for providing relevant products and best-in-class investment advice whilst increasing its own profitability, CIMB Private Banking is the clear and deserving winner of Asian Private Banker’s award for Best Private Bank – Malaysia.