The private wealth arm of Malaysia’s Maybank has opened in the Philippines as it continues to develop its operations across Asia.
Its Makati City branch, in metropolitan Manila, will be home to Maybank’s first wealth management office in the country, according to local reports.
The group has been serving the community in the Philippines for more than 20 years but now it is venturing into wealth management.
John Chong, group chief executive of Maybank, said: “This is in line with the bank’s focus to continue to develop our group wealth management franchise to capitalise 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.”
Premier offering
Maybank Premier offers wealth advisory and solutions to high net worth individuals.
Each client is assigned a relationship manager, who recommends customised banking and investment products.
The operation has 67 centres across six countries in Asean.
“We believe that, as the Asean economic bloc continues to prosper, and business and trading ties within the region strengthen, more and more of our clients will be able to benefit from Maybank’s robust Asean connectivity,” added Michael Foong, group chief strategy officer and chief executive of international business.
Philippines growth
It may not yet be known for its wealth management sector, but could the Philippines be the next “popular” hub in Asia?
Maybank is not the first firm to bolster its operations in the country recently.
Other foreign wealth managers have also started to set up in the Philippines. Last year, Credit Suisse set-up a representative office in Manila to target the country’s wealthy. Lombard Odier also partnered with Manila-based Union Bank in 2017 to launch products for high net worth individuals.
Asset managers have also begun to tap the Philippine market. Pru Life UK, the insurance affiliate of Eastspring Investments, is expected to launch a stand-alone asset management firm in the Philippines. Manulife also set up a stand-alone asset management firm, Manulife Asset Management and Trust, in 2017 and has since launched nine mutual funds products.
For more insight on international financial, planning please click on www.international-adviser.com
