Maybank is set to expand its high networth and affluent banking segment in Malaysia, with five new private banking centres and eight new lounges in the pipeline for 2013.

The five centres are expected to be at Kepong, Kajang, Seremban, Desa Damai and Sungai Petani, The Star reported. Lounges will be strategically located throughout the nation.

With a strong average annual growth rate of 16% in total financial assets over the last five years, the bank is also planning to expand and introduce more new products – mainly in the area of investment, insurance and deposits – next year.

Lim Hong Tat, Maybank’s deputy president and head of community financial services, said sustained economic growth in the country has resulted in rising affluence. This is expected to continue to boost demand for more personalised banking services among the population.

"We are expecting our total financial assets under this segment to grow between 18% to 20% next year," he said in a statement. "This will bring our TFA to about RM70bn ($22.87bn) by end of 2013."

Lim added the growing sophistication of customers also mean they are looking for new avenues and more innovative products to grow their wealth. At the same time, customers are also offered benefits in the bank’s key home markets in Singapore and Indonesia.