Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on March 17, 2016.

 

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has been named the “Best Private Banking Services in Malaysia” by a global wealth management poll undertaken by Euromoney involving more than 400 private banks in over 69 countries.

In a statement, Maybank said it had clinched the title under the 13th Euromoney Private Banking and Wealth Management Survey 2016 for the fourth consecutive year and seventh time.

The title comes in addition to recognitions received by the bank in 11 other categories in the survey.

Maybank claimed the top spot in commercial banking capabilities; research and asset allocation advice; philanthropic advice; SRI/social impact investing; succession planning advice; and trusts, innovative technology — client experience and back office systems.

Maybank was also ranked the top in three categories of net-worth-specific services, which measure the amount of assets managed by banks.

The bank emerged No 1 in the category of ultra-high-net-worth clients (with managed assets of more than US$30 million [RM124.2 million]), high-net-worth clients (US$5 million to US$30 million) and super affluent clients (US$1 million to US$5 million).

Euromoney’s 13th annual private banking and wealth management survey provides a qualitative and quantitative review of the best services in private banking by region and area of expertise.

Maybank community financial services Malaysia head Datuk Hamirullah Boorhan said the recognitions reinforced Maybank’s position as the leading wealth management provider in Malaysia, in terms of service and product offerings.

“This is the first time in our history that we have topped 12 categories of the Euromoney Awards in Malaysia, and among the best for innovative technology for client experience in Asia,” he said.

Hamirullah said wealth management was a key component of Maybank’s retail banking business and was a segment growing at an annual average rate of about 10% over the last five years.

“Today, we are among the leaders in this business in Southeast Asia, with total assets under management averaging at a growth rate of 14.33% in the last five years,” he said.

Maybank’s premium banking services are now present in Malaysia, Singapore, Indonesia, the Philippines, Cambodia and Brunei through an extensive network of over 130 private wealth and premier wealth centres and lounges strategically located in the region.

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