MB and Bordier & Cie Singapore create private banking service
Tie-up aims to provide HNWIs with specialised asset management and private consulting services and signals Vietnam’s growing importance in the wealth management sector
Hanoi-based Military Commercial Joint Stock Bank (MB) and Swiss private bank Bordier & Cie Singapore (Bordier) have signed a strategic agreement to collaboratively develop and launch a new private banking service for the Vietnamese market.
'MB Private in association with Bordier' aims to allow MB to consolidate its base as one of the leading commercial banks in Vietnam, and extend its service offerings to cater to High Net Worth Individuals (HNWI).
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. MB will provide a private banking experience across different touch points including family office products and services, with the support of Bordier's experience.
Commenting on the collaboration, Lieutenant General Le Huu Duc, chairman of MB said: "With the aim of providing specialised and high-end financial services to the HNW segment, we want to be recognised as the leading private bank providing financial and consulting services that is in line with international standards. Bordier was chosen as the partner for this strategic cooperation for their expertise in the field of private banking."
He adds, "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. We believe that the cooperation with Bordier will contribute to raising MB's brand in Vietnam and across the globe."
Bordier & Cie Singapore CEO and managing partner Evrard Bordier says: "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. We are grateful to MB for their trust and faith in us, and together we look forward to creating a truly outstanding private banking offering for the Vietnamese market."
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9 Oct 2018