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December 28, 2011updated 04 Apr 2017 3:44pm

Maybank to develop wealth management business

Malasian bank Malayan Banking Berhad (Maybank) is planning to develop a wealth management business in the region and for that it has appointed an international management consultant to conduct a study.

By BBR Staff

The aim of this study is to judge an effective way to penetrate the markets in the targeted area, informed Maybank Investment Bank (Maybank IB) CEO Tengku Datuk Zafrul Tengku Aziz in an interview to StarBiz.

According to Aziz, "The wealth management business in this region is successfully conducted not so much by banks but by private bankers. Wealth management now reaches to the mass affluent."

The bank is looking at Singapore, Malaysia and Indonesia as the prospective markets and the bank has the advantage of already having an infrastructure and network in place.

"We want to have a coordinated effort to tap the mass affluent market and have agreed to give our full commitment to develop this," said Aziz.

"On the IB side, we will have the products in place so that once the wealth managers operate across the region under a single platform, they can cater to the demands of customers," he added.

The process had already started and the bank has applied for futures license and in the process of launching futures products.

Aziz informed StarBiz "Right now, wealth management for us is just stock broking and unit trusts, we are selling mainly third party products."

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