CEO Morning Brief

Affin Bank Launches New Private Banking Service, Targets Ultra-high Net Worth Clients Valued at RM2 Mil or More

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Publish date: Wed, 04 Sep 2024, 09:24 AM
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TheEdge CEO Morning Brief
 

(From left) Affin Islamic Bank Bhd CEO Datuk Syed Mashafuddin Syed Badarudin, Affin Bank Bhd group CEO’s wife Datin Wan Daneena Wan Abdul Rahman, Affin Bank Bhd president and group CEO Datuk Wan Razly Abdullah, Sarawak governor Tun Wan Junaidi Tunku Jaafar, Sarawak governor’s wife Toh Puan Fauziah Mohd Sanusi, Affin Bank Bhd chairman’s wife Datin Sharifah Fatimah Alhabshi, Affin Bank Bhd chairman Datuk Agil Natt, and Affin Bank Bhd executive director (community banking) Mohammad Fairuz Mohd Radi at the unveiling of Affin Bank Bhd’s private banking service Affin Diventium on Tuesday. (Photo by Sam Fong/The Edge)

KUALA LUMPUR (Sept 3): Affin Bank Bhd (KL:AFFIN) has launched its private banking service designed for individuals with investable assets of RM2 million or more.

The service, branded as Affin Diventium, will allow clients to have access to expertise of the bank’s various businesses, covering everything from daily banking and investment management to advanced corporate banking services and long-term financial planning, the company said.

“We are crafting experiences that resonate with the unique aspirations of our ultra-high net worth clients, including their businesses,” said Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah.

Private banking typically refers to a suite of personalised products and services catering to the ultra-wealthy. The requirements to be entitled for such elite services that also comes with its own perks however vary among banks.

The bank has set a target of securing around 250 clients in the first year, comprising local, foreign, and internal clients. The potential for growth is “significant” as some of its current clients control businesses worth RM400 million or more, Wan Razly noted.

The bank also rolled out luxurious asset financing, which provides clients with access to premium financial products, facilitating the acquisition and management of high-value assets, such as yachts.

"Whether it's luxury car financing, properties in London, or potentially buying a yacht, we can support that,” he said. “This is the proposition we're pushing out to the market, and I think people are both surprised and interested by our capabilities.”

The launch of Affin Diventium follows the success of Affin Invikta — an invitation-only line of products for its wealthy customers — which has amassed RM20 billion of assets under management.

"Given the success of Affin Invikta, we felt it was a natural progression to move into private banking,” Wan Razly said. “We see a strong need to launch and cater to this exclusive segment, and we are confident that Affin Diventium will achieve similar success.”

Shares of Affin Bank fell nine sen or 2.76% to RM3.17, giving the company a market capitalisation of RM7.61 billion.

Source: TheEdge - 4 Sep 2024

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