(Hanoi, 8 October 2018) 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’ will benefit the banking entities symbiotically, allowing MB to consolidate its base as one of the leading commercial banks in Vietnam, and extending 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 tailored services for a holistic private banking experience across different touch points including family office products and services, with the support of Bordier’s expertise. This will enhance the overall infrastructure of MB’s private banking division, as Bordier will help to identify key areas needed to shape the value proposition for MB Private.
With an eye towards setting up best-in-class wealth management capabilities in Vietnam, the joint effort aims to build a globally recognised niche offering specially designed for HNW 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.
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. 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 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. 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.”
About Bordier & Cie Singapore:
Bordier & Cie (Bordier) is a boutique private bank with over 174 years of expertise in providing bespoke financial services to generations of families around the world. Established in 1844 in Geneva, Switzerland, Bordier is privately-owned and is presently managed by the descendants of its founders. The managing partners bear unlimited personal liability for all commitments entered into by the bank. As of today, Bordier is the largest Swiss partnership bank.
Serving as its Asian headquarters, the Singapore office provides private banking, asset management and family office services to high net worth individuals residing across 48 countries. The bank also works with financial institutions as well as independent asset managers by providing banking and investment management capabilities.With its current liquidity ratio of 1270%, the bank far exceeds the local regulators’ requirement ratio of 100%. In addition, the bank’s Tier 1 ratio of over 30% and the absence of non-performing loans attest to its stellar track record as a global private bank.
About Military Commercial Joint Stock Bank:
Military Commercial Joint Stock Bank (MB) was founded in Hanoi, Vietnam on 4 November 1994. After nearly 24 years of solid growth, MB has become one of the leading banks in Vietnam in terms of business efficiency. MB has a network of 275 transaction offices in key provinces and cities, two foreign branches in Laos and 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.
MB has affirmed its prestige in the financial services industry through its diversified services and product offering, backed by its superior risk management and modern IT infrastructure. In particular, MB Private Banking was established in 2010 with a team of professional and experienced staff that has been providing its customers with excellent client servicing and financial advice.