AMMB Holdings Berhad, the holding company for Malaysian lender AmBank, has partnered with the Australia and New Zealand Banking Group to introduce ANZ's Signature Priority Banking service to AmBank and AmIslamic Bank's affluent retail banking customers.

The deal takes effect in the fourth quarter of 2011. AmBank will use the Signature Priority Banking brand identity and sales and service model, as well as relationship manager training to serve clients from its own offices. 

The move comes as Malaysia becomes an increasingly important hub for high net worth investors. According to the latest Asia Wealth Report by Bank Julius Baer, the number of HNW individuals in Malaysia is expected to grow from 32,000 at present to 68,000 by 2015, with a corresponding net worth increase from $140 billion to $330 billion.

ANZ Signature Priority Banking was launched in 2010 and introduced in 10 Asia-Pacific markets. In 2006, ANZ acquired a 23.8 per cent stake in AmBank.