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Thailand: Credit card offerings eye wealthy bracket
TMB-Thanachart Bank (ttb) has introduced new financial products for high net worth customers as part of its strategy to retain this segment after a complete rebranding of the merged bank last month.
The bank on Monday launched two new credit cards, ttb reserve visa signature and ttb reserve visa infinite, to high net worth customers, who have minimum assets under management (AUM) of 5 million baht and 30 million baht, respectively.
Chief retail banking officer, Anuwat Luengtaweekul, said the bank is offering new credit cards to high net worth clients, called reserve, with a minimum AUM of 5 million baht each.
This reserve card is the first segment getting a new financial product after the integration of TMB Bank and Thanachart Bank was completed last month under the new marketing brand ttb.
The total customer base of ttb is around 10 million with a total AUM of 1.3 trillion baht.
Around 80,000 clients are classified in the high net worth segment, accounting for 1% of total customers while the total AUM of high net worth clients is around 700 billion baht or 55% of total clients’ AUM at 1.3 trillion baht. The bank aims to provide the new credit cards to 30,000 customers this year.
“With data on this customer segment available, the bank can offer new products to reserve customers first. Moreover, it has a great opportunity to expand investment products to high net worth clients,” he said.
For the initial stages after rebranding, the bank will focus mainly on existing customers by offering new financial products and services. After that, it will continue to expand to a new customer base.
Given the growing competition in the wealth management business, ttb would like to concentrate and build up a high wealth client base using three business strategies, including trusted advisement, financial solutions, and financial well-being.
Source: https://www.bangkokpost.com/business/2128475/credit-card-offerings-eye-wealthy-bracket