Affin Bank Bhd (KL) has introduced its private banking service, Affin Diventium, aimed at serving ultra-high net worth individuals with investable assets of RM2 million or more. This move underscores the bank’s commitment to offering tailored, premium services to its wealthiest clientele, providing them with a wide range of personalised financial solutions.
With Affin Diventium, clients will have access to the expertise of the bank’s various divisions, covering a comprehensive array of services such as daily banking, investment management, corporate banking, and long-term financial planning. The service is designed to address not only individual needs but also the broader financial and business aspirations of these elite clients.
Crafting Unique Experiences for Ultra-High Net Worth Clients
According to Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah, the launch of Affin Diventium is part of the bank’s strategy to craft personalised experiences for its ultra-wealthy clientele.
“We are crafting experiences that resonate with the unique aspirations of our ultra-high net worth clients, including their businesses,” Wan Razly stated. This tailored approach is a hallmark of private banking services, which typically involve exclusive offerings designed to cater to the financial needs of individuals with significant wealth.
Affin Diventium will provide clients with access to premium services, including luxury asset financing. This service offers financing options for high-value assets such as yachts, luxury cars, and international properties.
“Whether it’s luxury car financing, properties in London, or potentially buying a yacht, we can support that,” Wan Razly added. The bank is positioning itself as a key player in Malaysia’s private banking scene by offering unique and comprehensive financial solutions that go beyond traditional banking.
Ambitious Growth Targets
Affin Bank has set ambitious growth targets for its newly launched private banking division. The bank aims to secure approximately 250 clients in the first year of operations, including local, foreign, and internal clients. The potential for growth in this sector is considerable, as some of the bank’s current clients control businesses worth RM400 million or more, according to Wan Razly.
The introduction of Affin Diventium follows the success of Affin Invikta, an invitation-only line of financial products tailored for the bank’s wealthy customers. Affin Invikta has proven highly successful, managing assets worth RM20 billion. The success of this initiative provided the foundation for the launch of Affin Diventium, with Wan Razly noting, “Given the success of Affin Invikta, we felt it was a natural progression to move into private banking.”
What Private Banking Means for Affin Diventium Clients
Private banking services like Affin Diventium go beyond the standard suite of offerings provided by traditional retail banks. They typically include customised financial planning, wealth management, investment advisory, estate planning, and exclusive investment opportunities. Clients often benefit from access to a dedicated relationship manager who works closely with them to manage their financial needs.
For ultra-high net worth individuals, private banking can also encompass luxury asset management, which includes financing options for high-end purchases like yachts and international properties. This level of service is designed to help clients not only manage their day-to-day finances but also strategically grow and protect their wealth over the long term.
Affin Diventium’s luxury asset financing is one of the key differentiators in the private banking space. This service enables clients to finance high-value assets with ease, further expanding their investment portfolios or acquiring luxury items.
The Future of Affin Diventium
Affin Diventium is expected to play a significant role in positioning Affin Bank as a leading provider of private banking services in Malaysia. With the growing number of ultra-high net worth individuals in the country, the demand for personalised financial services is also rising. The launch of Affin Diventium reflects Affin Bank’s readiness to meet this demand with innovative solutions.
Wan Razly expressed confidence in the future success of Affin Diventium, stating, “We see a strong need to launch and cater to this exclusive segment, and we are confident that Affin Diventium will achieve similar success [as Affin Invikta].”
Affin Bank’s Market Position
As of the recent close, shares of Affin Bank saw a slight decline, dropping nine sen or 2.76% to RM3.17. This brings the bank’s market capitalisation to RM7.61 billion. Despite the market fluctuations, the launch of Affin Diventium highlights the bank’s strategy to expand its offerings in the high-net-worth space and reinforce its position as a key player in the private banking sector.
Conclusion
The introduction of Affin Diventium marks a significant step for Affin Bank as it expands its footprint in Malaysia’s private banking industry. With an array of services tailored to meet the sophisticated financial needs of ultra-high net worth individuals, the bank is poised to attract more affluent clients, both locally and internationally. By offering premium products like luxury asset financing, Affin Diventium sets itself apart in a competitive market, showcasing the bank’s innovative approach to catering to its wealthiest customers.
As the private banking sector continues to grow, Affin Bank’s new service is expected to make a significant contribution to the bank’s revenue and further establish its leadership in the high-net-worth segment.
