Swiss private bank Bordier & Cie Singapore (Bordier) has entered the Vietnamese market via an agreement with Hanoi’s Military Commercial Joint Stock Bank (MB).
The partnership, called “MB in Association with Bordier”, is designed to benefit both entities, with Bordier sharing its expertise while gaining access to the relatively untapped market of Vietnamese high net worth clients.
“The inked deal sets MB apart as one of the first banks in Vietnam to make an official foray into the private banking business that is on par with international standards,” the companies said in a statement.
Bordier is the latest Swiss bank to go hunting for clients in South East Asia. Julius Baer struck a deal with Siam Commerical Bank to tap Thailand in March, while Credit Suisse entered the Thai market in 2016. In April, Lombard Odier announced a partnership with Indonesia’s PT Bank Mandiri.
Lieutenant General Le Huu Duc, chairman of MB said the collaboration with Bordier would provide HNWIs with specialised asset management and private consulting services such as immigration, health care, and education.
“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,” he said.
Bordier & Cie (Bordier) is a boutique private bank with more than 174 years’ experience providing financial services to generations of families around the world. Established in 1844 in Geneva, it is privately-owned and is presently managed by the descendants of its founders. Serving as its Asian headquarters, the Singapore office provides private banking, asset management and family office services to HNWIs across 48 countries.
Military Commercial Joint Stock Bank (MB) was founded in Hanoi, Vietnam on 4 November 1994. MB has a network of 275 transaction offices in key provinces and cities, two foreign branches in Laos and 3 in Cambodia, one representative office in the Russian Federation and seven member companies operating in the fields of banking, insurance, securities, fund management, asset management and consumer finance.