Strategy
Philippine Bank Targets 100 Per Cent Growth For Wealth Management By 2016

Rizal Commercial Banking Corporation, the Philippine bank, is
looking to grow its wealth management business by more than 100
per cent by 2016 amid an increasing number of potential high net
worth clients in the country.
The wealth management group currently records some Php51.5
billion ($1.2 billion) in assets under management, which is 28
per cent higher than the AuM recorded by the end of 2010. In a
statement with the local media, the company said that while the
target of an over 100 per cent rise in a span of four years may
seem "stretched", the fact that RCBC has built a "strong
foundation in the last five years" makes the goal
achievable.
The bank is working toward a yearly compounded growth rate of
around 18.5 per cent year-on-year from 2012 to 2016.
"We have an open architecture platform, where we also make
available and offer third party products and investments. Through
this, we are enabling clients to a have a wider array of options
to choose from," said Manuel Ahyong Jr, head of the wealth
management group at RCBC.
RCBC Wealth Management is reportedly in the process of
recruiting more relationship managers to help reach this target.
To date, it has seven wealth management offices in country.