Maybank to open 5 private banking centres and 8 lounges in 2013

Find out where they will be erected.

According to a release, the High Networth & Affluent Banking segments will continue to constitute a growing portion of Maybank’s consumer banking sector next year, with 5 new Private Banking Centres and 8 new Lounges in the pipeline for 2013.

Maybank Deputy President & Head of Community Financial Services Lim Hong Tat said that the bank would expand its network to at least 34 Private Banking Centres and 35 Private Banking Lounges (lounges are within normal Maybank branches), which will be located at major towns and cities throughout Malaysia to cater for the growing demand for private banking services. The 5 new centres are expected to be at Kepong, Kajang, Seremban, Desa Damai and Sungai Petani, while the 8 new Lounges will be strategically located throughout the nation.

Lim said that the Bank had recorded strong growth in this market segment with average annual growth rate of 16% in total financial assets in the last 5 years.

He said the sustained economic growth in the country which resulted in rising affluence was expected to continue to boost demand for more personalized banking services among the population.

“We are expecting our total financial assets (TFA) under this segment to grow between 18%-20% next year,” said Lim. “This will bring our TFA to about RM70 billion by end of 2013.”

He added that growing sophistication of customers also meant that they were looking for new avenues and more innovative products to grow their wealth, despite the challenging economic conditions.

“Private Banking Centres are not just outlets for personalised banking transactions, but also venues where customers can obtain value added services such as briefings on investment opportunities, financial advice as well as access to asset management services, all of which we are able to offer owing to our diverse range of capabilities and experience.”

Lim added that Maybank will also introduce more new products next year to cater to the needs of this customer segment.

“We have just launched a first-of-its-kind Maybank Private Banking Account for our private banking customers. This account is ‘by-invitation-only’ and provides attractive interest bearing features together with checking facilities as well as a suite of other privileges and benefits.”

“Apart from providing an alternative “two-in-one” deposit account to existing customers, the Maybank Private Banking Account will also help increase Maybank’s customer base through acquisition of new clients,” he explained.

This account offers customers a high-tiered interest rate of up to 2.50% per annum, a personalised Private Banking Platinum Debit card with 24/7 concierge services, complimentary Personal Accident Insurance Coverage of up to RM50,000, complimentary Medical Expenses (accident-related) of up to RM3,000, discounts on commission for Traveller’s Cheques valued above RM2,000 and exclusive access to Maybank Private Banking Centres and Lounges.

A host of other new products catering to this segment are also expected to be launched in 2013, mainly in the area of investment, insurance and deposits.

Maybank’s Private Banking offers customers benefits not only in Malaysia but also regionally in the key home markets of Singapore and Indonesia where they enjoy the same level of personalized services at Maybank Group Private/Affluent Banking Centres.