OCBC Bank Malaysia Bhd has introduced a distinct high net worth individual (HNWI) category to its premier banking platform with the launch of OCBC Premier Private Client (PPC), a service for those with assets under management (AUM) of RM3 million and above.
According to OCBC Malaysia head of consumer financial services Lim Wyson, PPC, which sits within the broader OCBC premier banking framework, rides on the momentum generated in the past four years when the bank doubled both its premier banking and HNWI customer base.
“The natural next step was for us to expand into the HNWI segment and although this segment resided within the overall Premier Banking customer base, we have been tracking the numbers separately.
“We are delighted to say that the number almost doubled over the past four years.
“Considering their needs are distinct and significantly different from the broader Premier Banking segment, we expect the introduction of PPC will be warmly received by both existing and potential HNWI customers,” he said.
He added that the PPC initiative is in line with the growth of Malaysia’s HNWI and the country’s aspirations toward becoming a high income society.
Citing the Capgemini Asia Pacific Wealth Report 2017, Lim said Asia Pacific as a whole continues to be a leader in the HNWI segment population and wealth, and is expected to surpass US$40 trillion in HNWI wealth by 2025.
“PPC offers a platform premised on the ideals of the private banking model to generate greater wealth opportunities for these HNWI, bringing with it distinct benefits that were previously unavailable to any of our Premier Banking clients.
“These offerings include tailored wealth advisory and solutions backed by the OCBC Group Wealth Platform’s research capabilities,” he said.
The research team’s capabilities cover client advisory across major asset classes, wealth transfer services including trust and insurance, and portfolio financing and comprehensive research on more than a thousand securities, thirty currencies and proprietary stock picks.
“We will generate bespoke personalised investment solutions to cater to the wide range of preferences, risk profiles and objectives of our HNWI customers,” Lim added.
All PPC customers also receive consolidated statements for their OCBC products, covering cards, deposits, mortgages, investments and bancassurance.
On staffing, Lim said OCBC Bank had invested over RM1.5 million to up-skill its relationship managers.
The introduction of PPC, he added, is the culmination of several years of research where feedback from premier banking customers was reviewed and consolidated.
