BPI unit targets to onboard more wealthy clients
Keisha Ta-Asan – The Philippine Star March 23, 2024 | 12:00am Based on global classifications, banks and wealth managers consider a person with $1 million to $5 million in liquid net worth as a high net worth individual. Individuals who have $5 million to $30 million are considered as very high net worth. BPI / […]
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Keisha Ta-Asan – The Philippine Star
March 23, 2024 | 12:00am
Based on global classifications, banks and wealth managers consider a person with $1 million to $5 million in liquid net worth as a high net worth individual. Individuals who have $5 million to $30 million are considered as very high net worth.
BPI / Facebook
MANILA, Philippines — The wealth management arm of Ayala-led Bank of the Philippine Islands (BPI) aims to onboard more clients with high to ultra-high net worth by the end of the year.
Maria Theresa Marcial, president and CEO of BPI Wealth, told reporters that the company is serving 25 percent of the 20,000 individuals in the Philippines with high to ultra-high net worth.
“A five-percentage-point increase in market share is very tough, but I’d say we can aim for that,” she said. “We want to continue to gain market share and we believe that with this private wealth signature experience, we will have the right solutions and products to offer to this segment.”
Based on global classifications, banks and wealth managers consider a person with $1 million to $5 million in liquid net worth as a high net worth individual. Individuals who have $5 million to $30 million are considered as very high net worth.
Meanwhile, those with liquid assets worth $30 million and above are considered ultra-high.
According to Marcial, the high net worth segment in the Philippines include young entrepreneurs, conglomerates, professionals, budding professionals who are starting to accumulate wealth, as well as the children and grandchildren of these high-end individuals.
She also said that the high to ultra-high net worth population is expected to continue growing in the coming years, as more and more Filipinos gain wealth.
“That’s the trend that we will see going forward. So, there will be a more diverse set beyond the old rich, as you put it,” she said.
Marcial also said BPI Wealth aims to grow its assets under management (AUM) to P3 trillion by end-2026. This is more than double the P1.22 trillion in AUM as of end-December 2023.
Perlu Mapano, senior vice president of BPI, said the private wealth customer is the most desirable borrower of the bank.
“It is the client that we trust the most, the private wealth customer. And because they are the client that we trust the most, we will give them the best in-bank features when it comes to loans,” she said.
After being rebranded from BPI Asset Management and Trust Corp. (AMTC), BPI Wealth is undertaking various initiatives around products and customers.
