Best digital private bank in Malaysia 2023
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AwardsAsia Private Banking Awards

Best digital private bank in Malaysia 2023

CIMB Private Banking

Novan Amirudin, CIMB Group.jpg
Novan Amirudin, CIMB Group

This year, CIMB Private Banking scoops up four of Asiamoney’s Malaysia awards: best domestic private bank, best for high net-worth clients, best for digital offerings and best for ESG investing.

There are good reasons for that, even though the private bank’s assets under management fell 2% in 2022, year on year, at a time of turbulence in the capital markets.

CIMB pulled off an impressive 130% rise in net new money last year thanks to its focus on organically growing existing clients’ portfolios and luring assets from customers new to the bank. Other important numbers include a 4% year-on-year jump in loan revenue and a 41% rise in deposit revenue, both of which helped to offset a fall in non-interest income.

The resilience is in no small part down to the team run by Novan Amirudin, co-CEO of group wholesale banking at CIMB Group. In collaboration with the senior private banking management, CIMB has a clear strategy to provide greater value to clients through tailored investment plans and stronger long-term relationships.

As part of this plan, CIMB has been recalibrating its private banking teams based on their strengths and expertise to develop a savvier mix of products.

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