BEST PRIVATE BANK – MALAYSIA DOMESTIC
Maybank’s quest to deliver superior wealth management solutions to domestic HNWIs has resulted in the private banking business registering substantial growth – a remarkable feat given that the business was only established three years ago. Since then, Maybank’s private banking arm has posted strong double-digit growth across revenue, profitability, clients and assets, all while maintaining a stable cost/income ratio.
Maybank Private Wealth has made significant investments to its platform that are not only aimed at delivering wealth management solutions to its HNW clients, but also at providing a truly differentiated value proposition, which includes targeted discretionary mandates, customised structured products and bespoke investment counselling.
Proof of Maybank’s commitment to the needs of the domestic market is its development of Shariah-compliant wealth management solutions – an initiative that has stimulated strong growth and a doubling of Islamic AUM in 2016.
On the talent front, Maybank Private Wealth has continued to invest in its domestic frontline team, growing its headcount by 120% since launch, while boasting a strong tenure rate.
“Maybank Private Wealth is committed to offering a complete suite of products and services to address our clients’ spectrum of banking needs and we have dedicated significant resources in building our wealth management capabilities in 2016,” says Alvin Lee, head of group wealth management, Maybank. “The implementation of the Avaloq Banking Suite in Singapore and the expansion of our business footprint to a new booking centre in Hong Kong and a Private Wealth Centre in Penang, Malaysia clearly show our ambition to be one of the top wealth management players in Asia.”
With robust and consistent growth and a platform designed to help HNWIs meet their global and domestic needs, Maybank Private Wealth led Malaysia’s private banking space in 2016.
Maybank is Asian Private Banker’s Best Private Bank – Malaysia Domestic for 2016.