Best for HNW in Malaysia 2023
CIMB Private Banking
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.