Myanmar Apex Bank (MAB), a Myanmar-based bank, has unveiled a new wealth management programme in order to support the nation’s growing affluent client base.
Dubbed MAB Gold Wealth Banking, the new service will serve clients with a minimum fixed deposit of MMK300m ($192,689).
The annual interest rates are 8.5% for one and two months deposits, and 10.25% for deposits of three years.
Users of the new offering will have exclusive rewards, dedicated relationship managers, along with a MAB GOLD VISA card.
Among the other services offered by the new proposition are complimentary golf green fees as well as own travel concierge managers.
Statistics on the number of wealthy in Myanmar are scant, but Wealth-X estimated there were 40 UHNWIs in the country in 2013, a figure that would rise to approximately 307 by 2022.
Whether or not the pace of wealth creation is in line with these statistics, the volume of private wealth is clearly increasing. According to Credit Suisse’s Wealth Report, GDP per adult in 2018 was $2,023 compared with just $556 18 years earlier. Forbes has already clocked 10 billionaires from the Myanmar.
Given these figures, Myanmar Apex Bank could soon be joined by other banks offering premium or private banking services.