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Maybank to launch five new private banking centers in 2013

Malaysia based Maybank is planning to launch five new private banking centers and eight new lounges in next year, as part of its consumer banking strategy to offer better services to high net worth and affluent customers.

Maybank deputy president & community financial services head Lim Tat said the bank will increase its network to a minimum of 34 private banking centers and 35 private banking lounges, located at major towns and cities in Malaysia.

The five new centers are likely to be opened at Kepong, Kajang, Seremban, Desa Damai and Sungai Petani, while the eight new Lounges will be strategically located across the country.

The bank’s private banking services witnessed an average annual growth rate of 16% in total financial assets in the last five years, while continuous economic growth has surged the demand for more personalized banking services, Lim said.

"We are expecting our total financial assets (TFA) under this segment to grow between 18%-20% next year," Lim added.

"This will bring our TFA to about RM70 billion by end of 2013."

The lender, which recently launched a special private banking account for its private banking customers, is planning to launch more new products next year.

Maybank’s private banking also provides customers benefits in Singapore and Indonesia, apart from domestic market Malaysia.