CIMB expands ASEAN wealth platform for affluent growth

By Milan Rojan

CIMB Group has expanded its regional wealth management strategy, strengthening its presence across ASEAN as it targets the region’s growing affluent customer segment under its Forward30 transformation plan. The initiative has aimed to deepen customer relationships, increase assets under management (AUM) and grow fee-based income through integrated banking and wealth solutions.

Haniz Nazlan, Chief Executive Officer, Group Consumer Banking at CIMB, said: “CIMB aims to deepen relationships with high-value clients through an integrated offering spanning wealth management, deposits, financing and investment advisory. Our ambition is to grow our Wealth Assets Under Management two-fold and deliver stronger wealth and cross-sell revenue by 2030.”

The bank has identified affluent banking as a strategic growth opportunity, with the segment expected to account for up to 70% of ASEAN’s population by 2030. To capture this demand, CIMB has enhanced its advisory-led wealth proposition by combining investment management, financing, deposits and personalised financial planning across its conventional and Islamic banking businesses.

The strategy has been supported by artificial intelligence-enabled advisory tools, real-time portfolio tracking, investment insights from its Chief Investment Office and digital portfolio recommendations. Strategic partnerships have also expanded the bank’s protection, legacy planning and wealth offerings.

Lani Darmawan, President Director and Chief Executive Officer of CIMB Niaga, said: “The launch of CIMB Private Wealth is a strategic initiative for CIMB Niaga to support customers in building sustainable wealth.”

The expansion has complemented CIMB’s broader objective of strengthening its funding base and increasing non-interest income. Total customer deposits have reached approximately $124.2 billion, while current and savings account balances have grown to around $53.1 billion on a constant currency basis.

The expansion has reinforced CIMB’s ambition to build a regional wealth platform supporting cross-border banking, investment and advisory services across ASEAN.