Philippines

Maybank opens new Private Wealth arm in the Philippines

Maybank, Malaysia's largest financial services group, has announced the opening of a private wealth arm in Makati City, Manilla.

The announcement showcases the bank’s continued development of its operations across the Asian region, and while Maybank has been servicing customers in the Philippines for over 20 years, the new wealth management office is the group’s first in the country.

Maybank hopes to extend its offer of wealth solutions and advisory to affluent individuals in the region, building upon the 67 existing centres the group has in operation across the ASEAN region.

The bank is hoping to access the emerging market, tapping into the potential of the Philippines, which some feel could develop into the next wealth management hub in the ASEAN region, according to a report by International Advisor.

Of the new office, the group chief executive of Maybank, John Chong, stated that “this is in line with the bank’s focus to continue to develop our group wealth management franchise,” stating that the group is “(hoping) 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.”