Swiss private bank Bordier in Singapore will develop a new private banking service for the Vietnamese market with a partner in Hanoi.
Hanoi-based Military Commercial Joint Stock Bank (MB) and Swiss private bank Bordier Singapore (Bordier) have signed an agreement for a collaboration in wealth management, the two firms said in a media release on Monday.
The move is the latest by a private bank to push beyond wealth hubs Singapore and Hong Kong, mainly by partnering with local players. Julius Baer buddied up in Thailand recently, and Lombard Odier partnered in Indonesia.
Under the agreement, Bordier will share with MB best practices, processes and specialist training in both their Singapore office and Geneva headquarters. The collaboration will help MB to set up wealth management units in various offices within Vietnam.
Shaping the Value Proposition
MB will provide tailored services for a holistic private banking experience across different touch points including family office products and services, with the support of Bordier’s expertise.
This will enhance the overall infrastructure of MB’s private banking division, as Bordier will help to identify key areas needed to shape the value proposition for MB Private.
