Can CIMB convert its affluent franchise into deeper wealth relationships?

CIMB Group has launched its Private Wealth proposition in Malaysia, the second market in a regional rollout intended to expand the bank's affluent and wealth management franchise across ASEAN.

The proposition seeks to differentiate CIMB through regional connectivity, investment advice from its regional Chief Investment Office (CIO), wholesale treasury capabilities, legacy planning and digital portfolio tools.

Haniz Nazlan, chief executive officer of group consumer banking at CIMB Group, said the rollout forms part of Forward30, under which the bank aims to double wealth assets under management (AUM) by 2030.

Under Forward30, CIMB measures its affluent franchise using a metric comprising customer deposits and wealth AUM across its preferred and private wealth businesses in Malaysia, Indonesia, Singapore and Thailand. That metric stood at MYR234 billion (approximately $55.0 billion) at the end of 2024, according to the Investor Day presentation, which also showed the franchise served approximately 466,000 customers through 145 preferred centres and generated MYR 3.3 billion (approximately $0.8 billion) in revenue.

Wealth is one of the principal growth engines under Forward30. The strategy aims to increase non-interest income's contribution to Preferred revenue from about 28% to more than 30% by 2030 through growth in affluent assets, broader product penetration and stronger cross-selling.

Affluent banking becomes a regional growth market

CIMB’s expansion comes as Asian banks devote more resources to affluent and wealth management customers whose needs increasingly span deposits, investment portfolios, business ownership, foreign exchange, insurance and succession planning.

Nazlan described the change as a "great rewiring of wealth" across ASEAN. He pointed to rising income levels, urbanisation, a growing population of business owners and an expanding middle class, which he said is expected to account for 65% to 70% of the region's population by 2030. He also highlighted the coexistence of several economically active generations with different investment and succession needs.

He also argued that wealth is becoming more mobile. Customers may operate businesses in one country, hold investments in another, educate children overseas and require foreign-exchange or investment solutions across multiple markets. More than 90% of enterprises in ASEAN are micro, small or medium-sized businesses, he said, making entrepreneurs and business owners an important source of demand for both commercial and personal financial services.

Emerging markets are expected to add $12 trillion in financial wealth by 2030, while the affluent-and-above segment is forecast to grow by around 8% annually, according to Boston Consulting Group. Affluent and high-net-worth customers can account for 40% to 50% of a retail bank’s deposits despite representing less than 10% of its customers, while banks that convert more of those assets into investment products could increase fee-revenue growth by more than 50% over five years.

Regional competitors are pursuing similar strategies to capture ASEAN's expanding affluent segment. DBS said in July that it aims to grow retail and wealth AUM from SGD 632 billion (approximately $489 billion) at the end of 2025 to more than SGD 1 trillion (approximately $774 billion) by 2030 and plans to hire more than 600 relationship managers, advisers, engineers and platform staff by the end of 2028. UOB has set a target of doubling wealth income by 2030 after attracting SGD1 billion (approximately $789 million) of net new money in the first quarter, with plans to hire more relationship managers and deepen customer relationships.

For universal banks, the opportunity extends beyond investment management. Affluent customers typically generate deposits, investment income, treasury business, insurance sales and lending opportunities over longer relationships. That combination of recurring fee income and broader customer engagement explains why wealth management has become an increasingly important strategic priority across the region.

CIMB builds around regional connectivity

CIMB is positioning its ASEAN network as a central part of the proposition.

The group operates more than 600 branches and has over 1,500 relationship managers across the region. Nazlan said this physical presence gives CIMB access to customers in the markets where they live and work, while allowing local teams to account for differences in regulation, customer behaviour and investment needs.

He identified regional connectivity as one of four elements differentiating the proposition. The others are an advisory-led model, CIMB’s wholesale treasury capabilities and a combination of human advice with digital access.

The bank is seeking to apply those capabilities to customers whose businesses, investments and family obligations increasingly cross national borders. Nazlan cited customers with children studying abroad, entrepreneurs expanding into neighbouring markets and families seeking to transfer wealth between generations.

Singapore is expected to play a particularly important role. Nazlan said CIMB intends to use its presence there to support cross-border flows and develop Singapore as the group’s regional wealth hub.

The proposition nevertheless remains locally executed. Relationship managers and investment advisers work directly with customers, while the Chief Investment Office supplies regional market views, portfolio guidance and model asset allocations.

Regional CIO creates a common advisory framework

The regional CIO office is led by Patrick Chang, the group’s chief investment officer for private and preferred banking advisory.

Chang said the office is intended to move customer conversations away from selecting investments solely on the basis of headline returns. Its role is to translate market analysis into portfolio guidance based on a client’s risk profile, financial position and long-term objectives.

The regional CIO team incorporates global macroeconomic views and local market knowledge from Malaysia, Indonesia, Singapore and Thailand. It then translates those views into a common advisory framework and model portfolios for relationship managers across the participating markets.

Products will continue to differ between jurisdictions because of local regulation and availability. Chang said the objective is to make the underlying advisory model more consistent, so that CIMB’s regional teams work from a common investment view while adapting implementation to each market and customer.

This approach also supports MyWealth, CIMB’s digital wealth tool. The current version allows customers to complete a risk profile, review recommended asset allocations, access selected funds aligned with the CIO's guidance and buy, sell, switch and rebalance investments digitally. Nazlan said the proposition would continue to evolve.

Nazlan described the proposition as a high-tech, high-touch model. Digital tools provide access and portfolio visibility, while relationship managers and investment advisers remain responsible for more complex discussions involving risk, family needs, protection and succession.

Treasury capabilities widen the proposition

CIMB is also drawing on its wholesale treasury franchise to broaden the products available to private wealth customers.

Nazlan said the bank can provide treasury products, structured investments and exposure to asset classes including fixed income, commodities and gold. Daniel Cheong, head of consumer banking Malaysia, said private wealth customers would have access to close to 300 bond and treasury products and approximately 140 unit trusts, including selected products reserved for the segment.

The proposition also includes insurance, protection, legacy planning and Islamic wealth solutions through CIMB and its strategic partners. Nazlan confirmed that the bank can help customers plan for intergenerational wealth transfers, including the distribution of assets to family members.

Private wealth is aimed at customers with at least MYR 1 million (approximately $235,000) in AUM, compared with a MYR 250,000 (approximately $58,800) threshold for CIMB Preferred.

Success goes beyond asset gathering

Nazlan said doubling AUM by 2030 remains the bank's principal quantitative target, but CIMB will also measure new-to-bank acquisition, average product holdings, wealth cross-selling and the proportion of customers using the bank as their primary financial institution.

Asked about customer acquisition targets, market share and private wealth's expected revenue contribution, Nazlan declined to provide specific figures, saying the bank would focus on execution and customer engagement rather than disclose interim numerical targets.

He said those measures better reflect whether customers are deepening their relationships with CIMB by expanding from everyday banking into investments, insurance and legacy planning.

While attracting new clients remains important, the longer-term objective is for customers to use CIMB across transactions, borrowing, investment and family wealth needs.

Rollout moves next to Singapore and Thailand

Malaysia follows CIMB Niaga’s Private Wealth launch in Indonesia in January 2026.

Nazlan said the Indonesian business had built strong early momentum, with customers showing demand for advice and solutions beyond conventional investment distribution. CIMB is using lessons from that launch to shape the Malaysian proposition.

Singapore and Thailand are scheduled to follow by the end of 2026. The sequence gives CIMB a four-market Private Wealth platform across its principal consumer banking franchises.

The strategy now depends on whether CIMB can turn its geographic presence into a connected regional wealth platform. The bank has assembled the core components through local relationship teams, a regional investment office, wholesale treasury capabilities and digital tools.

Whether those capabilities translate into deeper customer relationships, higher wealth assets and stronger non-interest income will determine how much private wealth contributes to Forward30's long-term ambitions.