BIDV and Edmond de Rothschild form alliance to elevate Vietnam's private banking sector
BIDV and Edmond de Rothschild form alliance to elevate Vietnam's private banking sector
The state-owned bank BIDV formalised a strategic partnership with the Geneva-based private banking and asset management firm Edmond de Rothschild on November 16.
This strategic partnership aims to elevate BIDV’s private banking services to international standards, potentially revolutionising Vietnam's banking services. It is expected to introduce innovative financial products and services, catering specifically to the needs of Vietnam's high-net-worth individuals.
Phan Duc Tu, BIDV’s chairman said, "Vietnam's dynamic economy is characterised by rising incomes and evolving investment patterns, creating a substantial demand for personal financial services. This alliance with Edmond de Rothschild marks the entry of a world-renowned institution into Vietnam's financial market, specialising in high-end personal asset management."
"It promises to offer BIDV's clients access to exclusive investment products and sophisticated, secure, and efficient financial services, integrating them into the global elite network and Edmond de Rothschild's distinct European ecosystem," Tu continued.
Ariane de Rothschild, CEO of Edmond de Rothschild Group, expressed her commitment to the collaboration, "Our alliance with BIDV aligns with our strategic vision to meet the needs of Vietnamese entrepreneurs. Our expansion into the country is a testament to our proactive approach and confidence in the Vietnamese market's growth potential. This is a strategic opportunity for us to extend our global network by leveraging BIDV's regional excellence."
Christophe Caspar, global CEO of Asset Management at Edmond de Rothschild Group, underscored the strategic relevance of the partnership, "Aligning with BIDV, a foremost bank in Vietnam, is a critical step in our global expansion strategy to tap into emerging markets. Drawing on our 250-year history in finance, we are eager to share our expertise with BIDV, aiming to jointly set new benchmarks in Vietnam's private banking sector."
The collaboration was initiated in April with an MoU to enhance private banking services in Vietnam, representing a key component in BIDV's service offerings.
