United Overseas Bank is set to expand its Malaysian private banking franchise by 40 per cent in the next 12 months as it moves to capture a wider share of the country's growing high net worth market.

UOB Malaysia currently manages some RM16 billion ($5.2 billion) in assets for 22,000 privilege banking clients and expects this total to hit RM22 billion within a year, the bank said at the launch of its enhanced privilege banking offerings. 

Under the improved programme, private banking clients will receive more focused advisor attention, as well as access to two types of information services: UOB  Privilege Insights, which provides reports on local and international markets, and UOB Privilege Conversations, which features seminars, dialogues and related events. The company has also increased the minimum AUM requirement for clients to avail of the service, from RM300,000 to RM500,000.

According to the latest Rich List by Forbes Magazine, Malaysia saw its economy grow 7.2 per cent in 2011, the highest since 2000, and this is likely to rise further in the coming years. Its 40 richest individuals alone are worth a collective $62.1 billion, up $11.1 billion from the previous year.

United Overseas Bank has 45 branches across Malaysia and a global network of over 500 offices in 19 countries.