The bank's core lending business usually grows no more than twice the GDP growth. However, as Thailand's economy slows and exhibits a K-shaped recovery—with the base recovering slowly but the upper segment with strong purchasing power continuing to grow—this has become a pivotal shift prompting many banks to focus more on wealthy (Wealth) clients. Smaller banks especially must quickly adapt, as major banks already have established high-net-worth client bases.
For example, CIMB THAI Bank or CIMB THAI . Focusing on retail business, entering the Wealth market is a key challenge for the bank to capture client assets under management. Recently, it revamped CIMB PREFERRED for clients with AUM starting at 3 million baht, enhancing lifestyle benefits and introducing personal financial advisors—services typically reserved for clients with higher AUM in the market.
However, targeting only the Wealth segment may not be enough to expand the market. Recently, CIMB THAI launched CIMB PRIVATE WEALTH for clients with AUM of 30 million baht and above. Haniz Nazlan, CEO of Group Consumer Banking at CIMB Group, said there remains a market gap in the Wealth segment, particularly those between Preferred and Private Banking (usually with AUM averaging 50 million baht and above) who also require wealth management services.
Insights from Wealth clients in Malaysia and ASEAN show that each client has different life challenges and financial goals. In Malaysia and Thailand, a common theme is retirement planning. As Thailand becomes an aging society, CIMB can adapt its models, strategies, and client advisory to fit the Thai market.
The main strategy shifts from selling financial products to providing holistic advisory that deeply addresses personal needs, giving access to diverse financial products through CIMB's regional network.
Furthermore, ASEAN's economy, valued at 4 trillion USD (approximately 135 trillion baht) with an average growth of about 4% per year, is entering one of the largest intergenerational wealth transfers in history. This is expected to support CIMB Group's goal to double its Wealth business by 2030.
In Thailand, Phudinan Sethanan, Head of Affluent & Wealth Management at CIMB THAI, shared the plan for Thailand: CIMB PRIVATE WEALTH aims to increase its client base to 5,000 within five years, up from the current 2,000.
Meanwhile, the target for assets under management (WUM, excluding deposits) is to triple by 2030 from the current 290 billion baht, aiming for an average annual growth of 25%. Despite market volatility anticipated in 2026, WUM is expected to grow 10% from the previous year.
The CIMB PRIVATE WEALTH launch includes three key features: Preferred Wealth, a comprehensive wealth management solution covering investments, children's education planning, and inheritance transfer; Preferred Regional, offering seamless investment access across ASEAN; and Preferred Experience, providing lifestyle benefits regionally, not only in Thailand but throughout ASEAN.
Finally, the Thai Wealth market is highly competitive, with both large and small banks restructuring and deploying investment advisory teams to serve clients more deeply. It remains to be seen what new investment innovations or services will emerge from this competition.
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