Swiss private bank Bordier in Singapore will develop a new private banking service for the Vietnamese market with a partner in Hanoi.
The agreement will offer Hanoi-based Military Commercial Joint Stock Bank access to Bordier’s best practices, processes and specialist training employed at its Singapore branch and Geneva base.
The alliance will also support the launch of MB’s wealth management units across several Vietnam offices.
MB chairman Le Huu Duc said: “Through this cooperation, MB will provide HNWIs with specialised asset management and private consulting services such as immigration, health care, education, etc.
“These services will not be limited to Vietnam, as we aspire to reach out to markets in which Bordier is also present. We will support our clients in all aspects of planning, preserving and transferring assets to the next generation.”
Leveraging Bordier’s expertise, the Vietnamese bank plans to offer customised private banking services across multiple touch points such as family office products.
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.
MB said that Bordier will facilitate the identification of key areas required to shape MB Private’s value proposition and therefore boost its private banking infrastructure.
Bordier & Cie Singapore chief executive Evrard Bordier said: “We look forward to sharing with MB our wealth management expertise.
“With our Swiss heritage and know-how, along with the Asian expertise and service excellence of our Singapore office, this new journey we are embarking on will change the face of private banking in Vietnam.”
A shortage of senior banking professionals and digital banking experts is curbing growth in Vietnam’s financial sector, according to a report by the country’s English language news outlet Vietnam News.