RCBC Wealth Management, the private banking unit of the Philippines' Rizal Commercial Banking Corporation, is poised for an expansion as it takes advantage of the low interest climate, the Manila Bulletin reports.

In an interview with the publication,Manuel Ahyong Jr, the firm's segment head, said that consistent growth in the bank's assets and client base over the past years gives its confidence it will meet long-term targets. The prevailing low interest rates also creates an opportunity to explore other investment ideas and introduce diversification to clients.

"Our assets under management reached over Php30 billion in 2009, up by 30 per cent, while our client base also grew by a healthy 26 per cent. As of the end of the 1st quarter 2010, on a year on year basis, we are up 20 per cent, and over a larger AUM base we are looking to target another double digit growth of around 23 per cent for the entire 2010," Ahyong was quoted as having said.

RCBC Wealth Management has a growing high net worth presence in the Philippines. It now has established offices in Caloocan and Quezon City in Metro Manila and plans to open in Iloilo and Davao soon. The company is also on the lookout for new relationship managers to add to its network, the news service said.