Bordier & Cie is gearing up to make its presence in Vietnam.
The Swiss private bank has signed an agreement with the Military Commercial Joint Stock Bank (MB) to launch a new private banking service for rich Vietnamese.
Headquartered in Hanoi, MB is a commercial bank with 275 transaction offices in key provinces and cities. The firm established its private banking unit in 2010.
As part of the deal, Bordier will share with MB its wealth management expertise employed in both its Singapore office and Geneva headquarters.
What’s more, the collaboration will also help MB to set up wealth management units in various offices within Vietnam, as well as enhance the overall infrastructure of its private banking division.
MB will provide high-net-worth individuals (HNWIs) with specialised asset management and private consulting services such as immigration, health care, and education.
Bordier's Singapore CEO and managing partner Evrard Bordier (pictured) told Citywire Asia that the cooperation is based on the firm's optimistic outlook for Vietnam.
He said Vietnam has a strong GDP growth trajectory, one that easily rivals China’s. The country is one of the success stories of the emerging markets, and their continued growth makes it a fertile ground for a growing affluent landscape.
'Though its HNW market is still in its nascent stage, we want to be a part of that inevitable transformation by being present when the needs for long-term value become synonymous with private banking,' he explained.
Serving as its Asian headquarters, Bordier established its Singapore office in 2011 and currently has 35 employees. It provides private banking, asset management and family office services to HNWIs residing across 48 countries.
Last month, Bordier appointed Alessandro Caldana, who joined the bank in 2011 as managing director, as limited partner in Singapore.