KUALA LUMPUR: CIMB Bank Bhd aims to double the assets under management under its Preferred segment by 2025 in line with the strong growth in the Asean wealth market.
The total wealth market in the region generates annual revenue of around RM40 billion.
It is expected to grow at a compounded annual growth rate of over 13 per cent from 2020 till 2025.
To achieve the target, CIMB said together with CIMB Islamic, it had strengthened its Preferred proposition offerings for emerging and affluent clients to be the bank of choice in Asean's emerging and affluent segments.
"CIMB Preferred reinforces its core value of Asean recognition, offering exclusive privileges and preferential rates across multiple products."
It also offered holistic wealth and investment solutions including access to a wide range of both conventional and Islamic investment as well as bancassurance and bancatakaful offerings, the bank added.
CIMB Group Holdings Bhd chief executive officer of group consumer banking Samir Gupta said the bank had reassessed the traditional wealth band approach to client segmentation and realigned CIMB Preferred to better serve today's Asean clients.
Gupta said through CIMB Preferred, CIMB aims to become the bank of choice for emerging and affluent clients in the region by providing personalised, trustworthy advice and a differentiated experience, backed by its strong Asean franchise.
"Our proposition will support the growth of CIMB's overall affluent business aspirations, which we have identified as a key focus area under our forward23+ strategic plan," he said in a statement today.
According to CIMB, it was doubling down on providing best-in-class service and personalised solutions to meet the changing needs of today's emerging and affluent Asean segment.
"As an Asean bank, CIMB is well-positioned to provide regional recognition and privileges to Preferred clients, ensuring seamless accessibility and priority treatment at over 140 CIMB Preferred centres across the region," it added.
CIMB also seeks to grow its client base in Singapore as a hub market for both onshore and offshore banking clients.