THURSDAY, March 28, 2024
nationthailand

KBank aims to strengthen wealth

KBank aims to strengthen wealth

STABLE growth in the number of wealthy people in Thailand has led the main players in wealth management to focus more on how to increase their share of money from their existing customers, according to Kasikornbank, the leader in the high-net-worth-indivi

In the past five years, the number of wealthy individuals has grown by 3 per cent to around 157,000, of whom 128,000 are clients of KBank’s “The Wisdom” programme.
A Wisdom customer is defined as a person who has assets under management (AUM) of at least Bt10 million with the bank.
Pakorn Partanapat, senior executive vice president of KBank, said yesterday that a key strategy for The Wisdom programme this year would be to increase its share of the total wealth and help existing customers get even richer amid the economic uncertainty.
Wealthy people use the services of four major banks including KBank, which has about 25-30 per cent of their total AUM. 
He said the bank was attempting to drive its share of The Wisdom customers’ money to 40-45 per cent by the end of this year.
KBank has upgraded its The Wisdom services by joining forces with partners who are internationally recognised industry leaders in providing services for high-net-worth clientele in finance and investments.
“We have collaborated with our business partners towards increasing diversification, encompassing the whole range of investment opportunities, notably overseas investments,” Pakorn said. “In doing so, clients have even greater opportunities to expand their investment portfolio beyond their home territory, as well as increased choices for higher yields – all of this is done with appropriate risk management.” 
 
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For customers who decide to invest in complex assets, the bank has put in place a dedicated investment advisory manager who has certified financial-planning capability in offering comprehensive investment advice. 
Clients who prefer a more simple investment approach will be looked after by a branch manager with a supply of economic and investment analyses from numerous channels. KBank now has more than 120 investment advisors across the country.
Since these customers are bent on getting financial and investment insights, savings are not the only things that matter to them any more when it comes to banking. Rather, it will be more about wealth solutions, making the most of their savings to fulfil their lifestyle needs.
As part of the plan, the bank wants to increase clients’ assets from non-deposit investments to 60 per cent from 50 per cent of total AUM currently. While raising the share of customers from major provinces from 33 per cent to 35 per cent of the nank’s entire customer base.
Pakorn added that with such strategies, the bank aimed to amplify AUM to Bt1.3 trillion from Bt1.2 trillion last year, representing growth of 10 per cent.
 
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