For priviledge banking (Citigold for Citibank), 300K is enough. Most banks are impose that sum.

No, priviledge banking is as same as normal banking transation, just it is being separated out from normal one, may be got some extra structured product which minimum investment sum of 250K/product.

Banks here are not allowed by BNM to help investors to invest in hedge fund. Also banks launched the structured product which generally is more conservative in nature. Some of the capital guaranteed fund are invest into option market.

While private equity fund is different case.

No, what I said is some capital guaranteed UT are investing in option market already, just may be the UT holders doesn't understand. Mostly those are structured.

There are tons of investment tools or derivatives product in the market. But I don't think anyone can invest in option market directly through banks in Malaysia.
If a option can earn 30-40% in 14 days, surely it can be loss out totally also. <-- there is no free lunch in the world, you need to take high risk to get high return.
Better becareful what your friend try to tell you (not to say he is lying or not as if it is a real option, yes, it can earn that much but it also can lose out totally if market condition is not favourable to the option), a lot of scam in the internet also offer 1.5-3% daily one that claimed to be invest in option market also.

Private banking (not priviledge banking) by international standard is the place that they will give out financial advisory for the rich one for the like how to spread your asset, risk management, investment portfolio etc.
Some banks needs at least 2-3 million (USD) so that you are eligible for the private banking.

Locally, I don't know about it much, as only got those priviledge banking centre.