Page 62 - MASALA Magazine Vol.15 Issue 3 | February - March 2024

Citibank’s consumer business in Thailand Within that, we have a portfolio construct. with certain green chutes in certain markets,
was acquired by UOB. What does this mean Rather than push a single product, we look and then make its way to a recovery.
for existing Citibank clients? How are these at the case more holistically. This is when
transitions taken care of? we have a ‘portfolio talk’ with the client and Unfortunately, there are also challenges
triggered by certain geopolitical issues around
It’s a very topical question as we work towards discuss the ins and outs of their risk appetite, the world. There is always an unknown in
that integration and conclusion. We are whether we advise them to diversify their risks that regard. Adding to that on the political
currently at the last hurdle, sort of speak. Later or other factors that meet their profile. These spectrum, there are a number of key elections
this year, that integration will be formalised, have to align with our house view. Moreover, this year in the US, Indonesia, India, Russia,
and essentially, we want to maintain a we have periodic portfolio reviews to check and so on. All of these factors will directly
seamless continuity. The offerings are no out how investments are progressing, see affect rates and inflation. We always
different; the level of privileges, segmentation, if the objectives are being met, recalibrate recommend diversified portfolios regardless
etc. But if anything, the only things that will if required, and various other fulfilments of what’s going on in the world; diversify
be enhanced are UOB’s network. It will around that. your risk and return profile. In light of that
be much larger in terms of the number of Generational wealth is common in the macro-outlook, we normally highlight those
branches, broader and enriched product Thai-Indian community. How can UOB focus areas and engage our clients with them.
offerings. There is also a growth agenda assist someone fairly new to investing or
for UOB in the ASEAN region, UOB is management? How can UOB ease that process for
expanding and growing. In turn, there is newcomers and rid their natural fears in
more investment in the business and further From a generational perspective, we certainly finance?
build upon our capabilities. see the delineation. We see the younger We have a very rigorous process with
generation have more risk appetite and are
Among Thai-Indian clients, what are the more active, whereas the older clients lean products we onboard, the due diligence,
usual financial inquiries? How do you assist toward the conservative ways. As I mentioned and rely on our group offices, all of which
in finding solutions to their top concerns? earlier, we simply tailor to the client’s needs. are to ensure that before we offer anything it
What are the top concerns? Additionally, there are solutions and advice has gone through every single necessary step.
Secondly, as I mentioned, in the process
Firstly, the profile of our Thai-Indian clients is around how to pass down the wealth to the of goal setting and risk appetite, we will
certainly very savvy. Many are entrepreneurial, next generation and so on. never sell a product that is not appropriate
SMEs, and typically of a certain generation. Take for example, in our Singapore office, for our client. For example, if the client is
This means there is a certain risk appetite we have ‘Next-Gen Camps’. For those conservative with their money, we’re not
and profile as well. However, their concerns privilege or privilege reserve clients and their allowed to provide an aggressive solution;
are really no different from our other clients. successors or children, we have educational that process is a guardrail against those fears.
Naturally, it’s about wealth preservation, sessions about wealth and estate planning to More importantly, it’s the education. In
protection, and trying to drive returns from ensure that the intergenerational transitions the second half of this year, we are looking
their investments. In that respect, there are seamless and are catered for. We are to roll out an educational series initiative
is a need for quality advice with ongoing looking to roll out this particular program across multiple platforms in different forms
engagements; it’s very relationship-driven to other cities as well. of content, from video clips to seminars.
as well, which is critical. Given the nature
of owning their own businesses or being We highly value our Thai-Indian clients,
entrepreneurs, we often find there are We see further opportunities to
queries about offshore channels and more fulfil their needs, and welcome
international components. So, we focus on feedback and engagement.
solutions that are required to accommodate This is a relationship-driven
those needs. business as well. If we can
strengthen this type of clientele,
Indians are generally active in investing, it further enriches our service
how does UOB help navigate clients to experiences.
invest wisely?
We have an entire ecosystem of ‘new to What is the status of
bank, new to investment’ clients, as well as the current economy like?
extremely savvy, professional clients. There And what is the 2024 forecast
is a whole advisory framework that helps in finance?
with that journey. First, we’ll start with risk The last couple of years has
profiling, goal setting, and objectives, just to been characterised by high
understand the client’s risk appetite so we can inflation and rising rates
figure out which solution is most appropriate. affecting our central banks
Once we know what the goals and needs and globally. We’ve started to
are, then we go through the background see that trend plateau, and the
and education to ensure we are actually expectation is that most central
comfortable with the client and to understand banks will start to reduce rates
what products they can buy. There is a high most probably in the second
level of due diligence. Then, we get to the half of this year. The question
solutions, which are overlayed with the in- is how quickly. But as a
house research and our house view, in order consequence, the economy
to determine which solutions are appropriate. has started to slow down, even

62 | MASALA MAGAZINE FEB-MAR 2024