Over the last two decades, Malaysia has gone through turbulent times. Keeping track of the direction of the political winds in Putrajaya – the country’s federal capital where the decisions are made as to which policies are in, which are out and what it means – can be as difficult for wealthy Malaysians as for punters overseas.
Through it all, there’s CIMB Private Banking, the nation’s biggest and best-regarded private bank to keep score – and help clients put some big wins on the board in growing their wealth. Never did that trust become handier than in 2020 as the Covid-19 pandemic hit.
Jefferi Hashim, chief executive at CIMB Investment Bank, says the big change was going into lockdown in March last year, forcing both the bank and its clients to adapt. In that environment, the firm benefitted from the trust it had built up with clients over the years.
Despite last year’s unprecedented volatility, assets under management at CIMB’s private bank saw rapid growth, surging 22% to $14.3 billion at the end of 2020. Hashim says CIMB’s success in deepening client relationships and aligning clients’ interests resulted in average AUM per client rising by 18% and a 12-month revenue increase of 15%.
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