Swiss banks well-established in Singapore and Hong Kong are pushing into other Southeast Asian markets where wealth is growing quickly. Julius Baer is the latest to jump in.
Julius Baer and Siam Commercial Bank, or SCB, will establish a joint venture, the Zurich-based bank said in a statement on Thursday. The Swiss bank is going to provide advice and solutions to the ultra-high net worth customers of the Thai partner,
The deal makes Julius Baer the latest foreign bank to gain access to fast-growing Thai wealth management market, after rivals like Credit Suisse set up operations two years ago and Lombard Odier partnered with Kasikornbank, a domestic player.
Julius Baer's joint venture will operate via domestic and international companies in Thailand and Singapore, respectively. The Swiss bank will hold 40 percent in the joint venture, with the option to increase to 49 percent over time.
Wealthy Hinterland
«The joint venture further strengthens our long-standing commitment to Asia as our second home market,» said Bernhard Hodler, chief executive of Julius Baer Group. The bank now employs roughly one-fourth of its total 6,000 staff in Asia, and is eager to push beyond the two main financial hubs, as finews.com reported in December.
SBC, Thailand's largest commercial bank, manages $23 billion in its wealth management operations.
