Malaysian banks could see further room to expand their wealth management businesses, although growth is likely to be gradual over the longer term, Affin Hwang IB analysts Chin Jin Han and Low Jing Yuan say in a note. They expect rising household wealth and a growing affluent and high net worth population to drive demand for investment, insurance and asset management products. Banks with strong wealth management franchises and bancassurance partnerships are best positioned to benefit from increased product cross-selling, they add. Affin Hwang maintains an overweight rating on Malaysia banking sector, pegging AMMB Holdings, RHB Bank and Public Bank as top picks.(yingxian.wong@wsj.com)
Malaysian Banks Poised for Steady Wealth Management Growth — Market Talk
Earlier from Ammb Holdings Bhd
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