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PRIVATE BANKING | Cesar Tordesillas, Malaysia
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Maybank to increase personalized banking services

Maybank will boost its High Networth & Affluent Banking segments in 2013.

Malaysia's sustained economic growth, which resulted in rising affluence, was expected to continue to boost demand for more personalised banking services.

Five new Private Banking Centres and eight new lounges are in the pipeline to accomplish this.

Maybank's Deputy President & Head of Community Financial Services, Lim Hong Tat, said that the bank would expand its network to at least 34 Private Banking Centres and 35 Private Banking Lounges (lounges are within normal Maybank branches), which will be located at major towns and cities throughout Malaysia to cater to the growing demand for private banking services.

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

Lim said that the bank had recorded strong growth in this market segment with average annual growth rate of 16 per cent in total financial assets in the last five years.

"We are expecting our total financial assets (TFA) under this segment to grow between 18 per cent to 20 per cent next year. This will bring our TFA to about RM70 billion by end of 2013," he announced.

Lim also said growing sophistication of customers also meant that they were looking for new avenues and more innovative products to grow their wealth, despite the challenging economic conditions.

"Private Banking Centres are not just outlets for personalised banking transactions, but also venues where customers can obtain value added services such as briefings on investment opportunities, financial advice as well as access to asset management services, all of which we are able to offer owing to our diverse range of capabilities and experience," he said.

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