Bank of Ayudhya has rebranded its private-banking business as Krungsri Exclusive to respond to the trends of younger high-net-worth individuals.
Executive vice president Kris Chantanotoke said these trends were increasing in Thailand in line with the rest of Asia-Pacific, driven mainly by growing numbers of new entrepreneurs and business successors.
Kris said wealthy customers who have assets under management (AUM) worth more than Bt5 million at Krungsri were 40-50 years of age on average. A customer is classified as of high net worth by Krungsri if he or she has AUM of Bt10 million on average.
To capture younger customers in this category, Krungsri Exclusive has developed new privileges covering sales and service and such things as investment advice.
The bank began luring wealthy customers in 2008 with the launch of Exclusive Banking, and by the end of that year, it had 10,000 customers with AUM worth a total of Bt150 billion.
Year to date, Krungsri has 25,000 high-net-worth customers with AUM worth Bt270 billion.
Kris said wealthy individuals who used to invest half of their portfolio overseas would refocus on investing in Thailand after investment regulations are eased, including the opening of Asean Linkage trading this September.
The move will support private banking in Thailand in the near future, he said, adding that Krungsri Exclusive gains from it as well.
The bank targets AUM by the end of this year increasing to Bt300 billion.
It also aims to be among the top three banks in the minds of wealthy Thais within three years, Kris said.