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May 31, 2012updated 04 Apr 2017 3:39pm

CIBC sells HK and SG wealth business

Canadian Imperial Bank of Commerce (CIBC) is to sell its standalone Hong Kong and Singapore-based private wealth-management business, in order to focus more on its offshore asset-management capabilities.

By Thomas Zink

Canadian Imperial Bank of Commerce (CIBC) is to sell its standalone Hong Kong and Singapore-based private wealth-management business, in order to focus more on its offshore asset-management capabilities.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The sale to an undisclosed buyer, which is subject to regulatory approval, is set to close by early 2013.

CIBC management said its private wealth-management business in Hong Kong and Singapore “did not fit” with the firm’s current priorities.

 

CIBC: Asia still presents long-term opportunities

“Within wealth management, our near-term focus is on expanding our global asset-management capabilities in international equities and fixed income, and alternative asset classes,” a CIBC spokesman said.

CIBC’s advisory and brokerage business in Asia provides private-banking services to high-net-worth individuals in the Asia-Pacific region, and had assets under management of $1.94bn.

CIBC said Asia still presents long-term opportunities to expand its asset-management franchise, despite the sale.

 

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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