Wednesday, 24 April 2024
Siam Commercial Bank and Julius Baer announce what it claims to be Asia's first joint venture in wealth management
Siam Commercial Bank, Thailand's first indigenous bank, and Julius Baer, the leading global private banking group based in Switzerland, signed an agreement on March 8 that intends to establish a strategic joint venture focusing on creating a new platform bridging onshore & offshore investment opportunities for sophisticated clients. The joint venture will provide a uniquely integrated, holistic, global wealth management advisory offering tailored to the needs of its clients.
The joint venture will seamlessly combine SCB's strong brand credibility, wealth management expertise and client insight with Julius Baer's full suite of international wealth management capabilities and advisory services. The cooperation will immediately complement SCB's leadership in Thailand private banking capabilities, in which it has over USD 23 billion of AUM, whilst opening access for Julius Baer to the fast-growing Thai wealth management market.
The joint venture clearly demonstrates SCB's commitment under the new "Going Upside Down" strategy where a new service platform is developed and introduced. This will lift Thailand's USD 300 billion private banking industry to another level. SCB's high net worth clients will then have easy access to relevant advices from Julius Baer and maximize their international investment opportunities. The cooperation between SCB and Julius Baer will also complement each other's business in the global context, enabling both parties to reap the benefits from the globalization.
Re-disseminated by The Asian Banker
