BIDV enters strategic partnership with Switzerland-based Edmond de Rothschild

On April 26, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Edmond de Rothschild - conviction-based investment house headquartered in Switzerland‎ held a ceremony to sign an MoU for strategic cooperation to implement specialised investment solutions, elevating the private banking services offered to high-net-worth clients in Vietnam.

This event, which coincided with BIDV's 66th anniversary, marked a significant milestone in the collaboration between one of the largest banks in the Vietnamese credit system and Edmond de Rothschild, a globally renowned financial institution.

The agreement is expected to set the stage for BIDV and Edmond de Rothschild to provide specialised investment solutions, both domestically and internationally, exclusively tailored for the high-net-worth segment in Vietnam.

Edmond de Rothschild will aid BIDV in standardising and enhancing the capabilities of its asset management executives, thereby delivering a benchmark private banking service of international stature.

Edmond de Rothschild draws on over 250 years of financial tradition and innovation to assist its clients in the preservation, development and transmission of their wealth, through solutions that combine long-term performance.

As the number of high-net-worth individuals in Vietnam is growing, and these individuals are looking for specialised financial services that meet their unique needs. By offering private banking services, BIDV can tap into this growing market and increase its revenue streams.

Le Ngoc Lam, a member of BIDV's Board of Directors said, "As the first state-owned commercial bank to introduce private banking services, our strategy is to elevate the premium banking services, lead the Vietnamese market, and assist every client in securing and developing their wealth. "By doing so, BIDV can differentiate itself from other banks that do not offer private banking services. This can help BIDV attract and retain high net worth clients, which can be a significant source of revenue for the bank,” he said.

"Based on a comprehensive assessment of strict criteria of eligible partners, Edmond de Rothschild is the most suitable candidate, as this investment house is widely recognised as one of the most prestigious and respected private banks in the world, with a long history of providing customised financial solutions to wealthy individuals and families," Lam added. “We hold in high regard Edmond de Rothschild's tradition and innovation, reflected in their unique ecosystem, diversity, and optimal investment solutions for clients. We trust that, with the experience of this leading group in Switzerland and its international-standard private banking expertise, Edmond de Rothschild will accompany BIDV in realising our ambitious strategy.”

Christophe Caspar, CEO of Global Asset Management at Edmond de Rothschild said, "We are pleased to announce this new cooperative relationship with one of the largest banks in Vietnam. We have been convinced by the immense potential of the Vietnamese market in the coming years, and BIDV is an ideal partner to seize these opportunities."

"Both parties share a long-term vision for business development and a desire to drive change in the future of the Vietnamese financial industry. This collaboration will enable us to meet the needs of high-net-worth clients in Vietnam by helping them access advanced financial services and investment opportunities," Caspar said.

The young and increasingly affluent population of Vietnam has been spurring great demand for quality wealth advisory services and financial solutions, with a number of banks aiming to support their customers to thrive during both planned and unanticipated moments in life.