Maybank launches its first a private wealth management arm in the Philippines, in the midst of trending interest from financial institutions to tap into the nation’s business potential. The bank will open the branch in Makati City in Manilla, which will add to the 67 centers it has in the ASEAN (Association of Southeast Asian Nations) bloc. The «Maybank Premier» brand will be deployed to target high net worth individuals with wealth advisory solutions.
The bank is projecting continued growth in the region and expects its clients to benefit from the bank’s robust ASEAN connectivity according to its group chief strategy officer and chief executive of the international business Michael Foong.
The Philippines has been in the spotlight in recent times due to growing interest from others to tap into its market for its financial sector potential across various segments.
Earlier this week, Pru Life UK was reportedly expected to launch a standalone asset management firm in the country. And also in the same week, the nation completed its first blockchain-based remittance from Singapore’s OCBC.
This wealth management launch is in line with the bank’s focus to continue to develop our group wealth management franchise to capitalize on the region’s growth trajectory, and the Philippines is one of the fastest-growing economies in the Association of Southeast Asian Nations (ASEAN) with a burgeoning middle class, said John Chong, group chief executive of Maybank.