14 April 2022
The Bank’s Preferred proposition encompasses ASEAN recognition, preferential rates across multiple products, and holistic wealth and investment solutions including access to a wide range of Conventional and Islamic investment offerings
Kuala Lumpur: CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “the Bank”) has strengthened its offerings for emerging and affluent clients across the ASEAN region with a 360-degree approach that goes beyond wealth solutions. CIMB Preferred reinforces its core value of ASEAN recognition, offering exclusive privileges and preferential rates across multiple products, and holistic wealth and investment solutions including access to a wide range of both conventional and Islamic investment as well as bancassurance and bancatakaful offerings.
The Bank is doubling down on providing best-in-class service and personalised solutions to meet the changing needs of today’s emerging and affluent ASEAN segment. As an ASEAN bank, CIMB is well-positioned to provide regional recognition and privileges to Preferred clients, ensuring seamless accessibility and priority treatment at over 140 CIMB Preferred Centres across the region. This includes access to CIMB Preferred Preferential Rates, which offers clients attractive financing rates, investment, bancassurance and bancatakaful products, as well as personalised portfolios backed by insights to help clients achieve their financial goals.
The total ASEAN wealth market already generates annual revenue of around RM40 billion. It is expected to grow rapidly between 2020-2025, with a forecasted compounded annual growth rate (“CAGR”) of over 13%. In line with the strong growth in this market, CIMB aims to double the assets under management (“AUM”) under its Preferred segment by 2025.
Samir Gupta, CEO, Group Consumer Banking of CIMB Group, said, “As new categories of affluent individuals and families emerge with different needs and expectations, we have reassessed the traditional wealth band approach to client segmentation and realigned CIMB Preferred to better serve today’s ASEAN clients. Through CIMB Preferred, we aim to become the bank of choice for emerging and affluent clients in the region by providing personalised, trustworthy advice and a differentiated experience, backed by our strong ASEAN franchise. Our proposition will support the growth of CIMB’s overall affluent business aspirations, which we have identified as a key focus area under our Forward23+ Strategic Plan."
The CIMB Preferred proposition reflects the Bank’s aim to double down and grow its affluent business, which includes both Preferred and Private Banking clients. This will also entail investing in technology to enhance digital capabilities and adding more Relationship Managers to improve the client experience. On top of that, CIMB Preferred is also backed by experienced wealth planning experts to provide custom advisory and insights focused on the preservation of wealth as well as making informed decisions with confidence.
Meanwhile, CIMB has continued to expand its Islamic wealth offerings to better capture the growing demand for the incorporation of Shariah principles into the financial planning process, which covers wealth creation, accumulation, protection, purification and distribution. Dedicated to enriching and complementing one’s faith and lifestyle choices, CIMB’s Islamic Wealth Management solutions offer a broad range of Shariah-compliant products and services, such as deposit products, financing products, investment products, bancatakaful, zakat and waqf payments.
Whilst the majority of the Bank’s Preferred business is based in Malaysia, it also seeks to grow its client base in Singapore as a hub market for both onshore and offshore banking clients. Clients will benefit from seamless access to other markets with diversified cross-border financing solutions to manage and to grow their wealth and better address their needs and goals. These include for example the access of Preferred clients to have low-cost financing in CIMB Singapore by using collateral from their home country. They could also opt for a convenient Pre-Arrival Account Opening service across ASEAN.
For more information on CIMB Preferred, kindly log onto http://www.cimbpreferred.com.my or visit the nearest CIMB Bank or CIMB Islamic branch. Alternatively, clients can get in touch with their Relationship Manager or call the CIMB Preferred Call Centre at 1 300 885 300.