Citibank partners with CIMB Malaysia to offer private retirement savings.

The Malaysian arm of Citibank has signed a memorandum of understanding with CIMB-Principal Asset Management Malaysia to distribute a range of funds within the latter's private retirement scheme to its clients in the country.

The partnership makes Citibank the first foreign bank in the country to offer private retirement savings in an effort to boost its local wealth management offering, the firm said in a statement.

"The synergy will boost the awareness among the public on savings and empower Malaysian in becoming financially self-reliant and independent to enjoy their golden years of retirement," said Elaine Fan, head of retail banking at Citibank in Kuala Lumpur. 

The local retirement planning market is largely untapped, as shown in a recent survey by Manulife Financial revealing that only less than one-in-five view retirement saving a priority, with fewer than half planning. In addition, it has the earliest statutory requirement age among Asian markets -- 60 years old.