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BANKING
SOMRUEDI BANCHONGDUANG
Kasikornbank aims to generate two billion baht in income this year from its wealth management services.
The bank's Signature Private Banking, first started last year, was officially launched yesterday as a premium product for high net-worth clients with minimum bank deposits of 50 million baht.
Tawith Thanachanan, a Kbank first senior vice-president, said assets under management for the Signature Private Banking service were expected to reach 270 billion baht by the end of the year from 220 billion now.
From its current portfolio, 160 billion baht are held in Kbank deposits, 40 billion in mutual funds and 10 billion in bills of exchange and other financial products.
''Rising economic risk from inflation and volatility on the Stock Exchange of Thailand has increased the demand for financial advisory and investment services,'' Mr Tawith said.
He suggested that ''aggressive'' investors allocate 40% of their assets to stock, with the remainder split between the money market, the bond market and alternative financial products such as gold or commodities.
Mr Tawith said Kbank, the country's fourth largest bank in terms of assets, believed it could compete successfully in the wealth management segment, an area long dominated by foreign banks.
The bank sees its strength in three areas: its 600-branch network, its universal banking operations and solid customer relationships.
Wealth management services include portfolio advice and private fund management, as well as non-financial services such as personal secretary services, health care and travel information.
Mr Tawith said Kbank currently had 2,000 customers using its Signature services, with 14 relationship managers dedicated to the group.
He said the bank would increase the number of private bankers to around 20 to help further personalise services.
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