Awards for Distinction 2013 – Malaysia


AFD2013_Best Private Bank - Malaysia

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 and asset appreciation in real estate and equity, Malaysia is poised for a wealth explosion that could see its HNW population of 38,000 individuals increase by as much as 76% over the next five years. 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 2013.CIMB Private Banking has enjoyed uninterrupted revenue growth since 2009, resulting in a compound annual growth of over 32%. Not willing to rest on its laurels, CIMB Private Banking has also demonstrated a commitment to securing revenue visibility over the longer term. It has significantly bolstered businesses that provide long-term income such as lending income – which accounted for more than 20% of revenue compared to 13% last year – and annuity income, which rose from 7% to 12%.

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.