Malayan Banking Bhd (Maybank) has opened a new private wealth centre in Kuching, Sarawak in a bid to strengthen its wealth management business.

Located within the existing Maybank Crown Towers Premier Centre, the new centre will deliver comprehensive products and services, advisory services on investment to maximise returns for clients.

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The Kuching centre brings Maybank’s global network of private wealth centres to five including those in Kuala Lumpur, Singapore, Hong Kong and London.

As at September 2015, Maybank’s total private wealth business managed some RMB20bn in total financial assets, while its total wealth management business recorded assets worth RMB150bn combined with the bank’s premier wealth segment.

Maybank head of regional private wealth Alvin Lee said the launch of the centre follows increasing demand from clients for such services, which were tailored to their investment needs, income levels and risk profiles.

He added that the Kuching centre is the first such facility in East Malaysia, and complements the existing network of six premier wealth centres in Sabah and Sarawak.

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Lee said: "With the level of expertise that Maybank has to offer, the group will continue to offer consistent returns for its clients. In 2014, our investment advisory generated an average of 12% returns without gearing.

"This year, despite the challenging business environment which has seen many equity markets trading in a very volatile fashion, we were still able to exceed the benchmarks in our investment strategy," he added.

Maybank said wealth management will remain as a key pillar of its growth over the next few years.