CIMB Group Eyes Singapore and Thailand Expansion to Capture Southeast Asia's Growing Wealth

Regional Push Accelerates

CIMB Group is preparing to roll out private wealth services in Singapore and Thailand before the end of 2026, according to Haniz Nazlan, CEO of group consumer banking at the Kuala Lumpur-based lender. The move extends an expansion that already saw the bank launch similar operations in Indonesia earlier this year and in Malaysia this week.

The strategy hinges on a single bet: that Southeast Asia's affluent population will continue its rapid climb. Haniz told reporters the bank expects this segment to grow between 5% and 6% each year, fueled by rising incomes, cross-border investment flows, and a generational handover of family wealth now underway across the region.

CIMB held roughly RM250 billion in wealth assets under management at the end of last year, though the bank declined to share interim targets or customer acquisition figures for its newly launched private wealth unit.

Threshold Set at RM1 Million

Daniel Cheong, head of consumer banking for Malaysia at CIMB, said the private wealth tier is designed for clients holding at least RM1 million, or about $244,600, in managed assets. That sits above the bank's existing mass-affluent offering, CIMB Preferred, which requires RM250,000 to qualify.

Clients in the new tier gain access to dedicated relationship managers, investment advisers, treasury solutions, and succession planning, alongside customized products and digital wealth tools. The offering reflects a shift in client expectations, according to Haniz.

"They want to know how to protect what they have built, how to prepare their children, how to access opportunities beyond their home markets, and how to make better decisions in an increasingly uncertain world," he said.

ASEAN's Economic Backdrop

The expansion is anchored in Southeast Asia's economic trajectory. According to CIMB, the region now represents a $4 trillion economy delivering long-term annual growth around 4%, a pace that outstrips many developed markets. The bank projects that by 2030, the middle class will account for between 65% and 70% of ASEAN's total population.

That demographic shift is creating demand for more sophisticated wealth services, particularly among clients who are diversifying holdings beyond their home countries. Cross-border investment activity has picked up as regulatory frameworks mature and digital infrastructure improves across major ASEAN financial hubs.

Four-Market Footprint

With the planned launches in Singapore and Thailand, CIMB will operate private wealth services in four ASEAN markets by early 2027. Singapore offers access to one of the world's densest concentrations of investable assets, while Thailand's high-net-worth segment has grown steadily as the country's economy diversifies beyond tourism and manufacturing.

Indonesia, where CIMB launched its private wealth arm earlier in 2026, is home to a rapidly expanding entrepreneurial class. Malaysia, the bank's home market, remains a key testing ground for new wealth products before they are rolled out regionally.

CIMB's ambition to double its wealth AUM by 2030 positions it alongside other regional lenders that are racing to capture a share of Southeast Asia's expanding pool of investable capital. The competition includes Singapore-based DBS and UOB, both of which have scaled their private banking operations over the past decade, as well as international players such as HSBC and Citi that maintain strong wealth franchises in the region.

Client Priorities Shift

Haniz emphasized that today's affluent clients are looking beyond simple product selection. Succession planning, intergenerational wealth transfer, and access to offshore opportunities now rank among the top concerns for families managing significant assets.

The bank's digital wealth capabilities are intended to complement traditional advisory services, offering clients real-time portfolio tracking, market insights, and streamlined access to investment products across asset classes. CIMB has not disclosed the scale of its technology investment in the wealth segment, but the emphasis on digital tools reflects broader industry trends as clients, particularly younger generations, demand mobile-first experiences.

The private wealth rollout also comes at a time when wealth managers across Asia are grappling with heightened regulatory scrutiny, volatile markets, and rising client expectations around environmental, social, and governance considerations in investment portfolios. How CIMB navigates these dynamics while scaling rapidly across four diverse markets will likely determine whether it meets its 2030 target.