MAYBANK | More Clandestine Cyberbanking Centres, Lounges

KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) consumer banking sector plans to open five new private banking centres and eight new lounges next year.

Maybank 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 the 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 eight new lounges will be strategically located throughout the nation,” he said in a statement.

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

He said the sustained economic growth in the country, which resulted in rising affluence, was expected to continue to boost demand for more personalised banking services among the population.

“We are expecting our total financial assets (TFA) under this segment to grow between 18 per cent and 20 per cent next year. It will bring our TFA to about RM70 billion by end of 2013.”

He added that 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.”

Lim added that Maybank will also introduce more new products next year to cater to the needs of this customer segment.

“We have just launched a first-of-its-kind Maybank private banking account for our private-banking customers. This account is 'by-invitation-only' and provides attractive interest-bearing features together with checking facilities, as well as a suite of other privileges and benefits.”

- BTimes