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Asset Management / Wealth Management
Vietnam’s MSB teams up with Swiss private bank
Cooperation deal with Kaleido Private Bank to develop business targeting high-net-worth individuals
Tom King 8 Dec 2021

Vietnam Maritime Commercial Joint Stock Bank (MSB) and Zurich-based Kaleido Private Bank have signed a strategic cooperation agreement on developing private banking business in Vietnam.

Under the cooperation agreement, Kaleido will provide consulting support for MSB in market research, customer experience enhancement, product design, sales strategy development, investment in wealth management technology, and human resource development.

On the other hand, MSB will provide Kaleido with market information on the Vietnamese domestic banking market to better understand the needs of target customers and help them manage assets, while providing information about investment opportunities.

Hanoi-headquartered MSB, with reported total assets of 176.7 trillion dong (US$7.7 billion) as of December 2020, is expected to introduce exclusive privileges and deliver premium banking services for this group of customers.

Kaleido Private Bank, a boutique bank formerly known as AP Anlage & Privatbank, provides personalized and comprehensive advice to high-net-worth private clients, entrepreneurs, family offices and intermediaries.

Expanding footprint

Swiss private banks have been looking for opportunities in Asia to expand beyond the established and saturated wealth hubs of Singapore and Hong Kong.

Julius Baer, Lombard Odier and Credit Suisse have inked partnerships with local banks or opened their own onshore operations in recent years, augmenting their reach into the four most populous Southeast Asian economies.

In 2018 Swiss boutique private bank Bordier & Cie signed a deal to provide tailored wealth management solutions to Hanoi-based Military Commercial Joint Stock Bank (MB). 

In 2020 the Vietnamese bank officially launched MB Private, a specialized wealth management unit targeting high-net-worth individuals, with support and advice from Bordier & Cie.

According to reports, the number of affluent people in Indonesia, the Philippines, Thailand, and Vietnam, is predicted to grow from 46 million to 125 million by 2030.

However, this time frame may now slide with Southeast Asian economies expected to see a slower recovery due to the impact of the Covid-19 pandemic.

In September, the Asian Development Bank said weaker growth rates are expected in nine of the region’s 11 economies, bringing the forecast for growth in 2021 down to 3.1% from the earlier projection of 4.4% and to 5.0% from 5.1% for 2022. 

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