BIDV and Edmond de Rothschild form strategic partnership to provide leading Private Banking services in Vietnam

11/17/2023 15:18

On November 16, in Hanoi, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Edmond de Rothschild officially held a signing ceremony for a strategic cooperation contract. The two sides will work together to bring high-end individual customers in Vietnam the opportunity to access world-class financial services.

This is the first strategic cooperation between a financial institution with the longest history and largest total assets in Vietnam and a leading financial institution in investment in the world, with a long history in Europe, operating multinationally in the fields of banking, asset management and development.

The signing of the strategic cooperation contract will lay the foundation for Edmond de Rothschild to support BIDV in training and improving the capacity to deploy international standard Private Banking services; an important factor that will contribute to promoting strong changes in banking and financial services in Vietnam. At the same time, the cooperation of the two major brands aims to develop specialized investment products, smart, effective and safe service solutions for high-end Vietnamese customers.

Mr. Phan Duc Tu, Chairman of BIDV Board of Directors, spoke at the signing ceremony of the Strategic Cooperation Contract between BIDV and Edmond de Rothschild.

At the signing ceremony, Mr. Phan Duc Tu, Chairman of BIDV Board of Directors, commented: “Vietnam is a developing country with a dynamic economy and people's income growing every year. The trend of consumption, investment and asset accumulation is posing a huge demand for personal financial services in the market. With the signing of a strategic cooperation contract between BIDV and Edmond de Rothschild, for the first time in the Vietnamese financial market, there is the presence of a world-leading financial institution in the field of high-end personal asset management. Through the cooperation, BIDV Private Banking customers will have the opportunity to access specialized investment products, smart, safe and effective financial service solutions; be connected with the global elite and experience the unique ecosystem of Edmond de Rothschild in Europe. Customers are also served by a team of professional asset management directors, well-trained according to the elite standards of Swiss banking services”.

Ms. Ariane de Rothschild, General Director of Edmond de Rothschild Group, spoke at the signing ceremony.

Also at the ceremony, Ms. Ariane de Rothschild, CEO of Edmond de Rothschild Group shared: “I am very enthusiastic about the strategic partnership with BIDV. This cooperation represents a shared vision to meet the needs of Vietnamese entrepreneurs. Expanding our presence in Vietnam is a testament to our pioneering approach, and our belief in the spectacular growth and attractiveness of the Vietnamese market in Southeast Asia. Vietnam is a clear opportunity for us to expand our network, by combining our experience with BIDV's excellent position and track record in the region”.

Mr. Christophe Caspar, Global CEO of Asset Management, Edmond de Rothschild Group also said: “This strategic partnership with BIDV, a leading bank in Vietnam, is an important step in Edmond de Rothschild’s development plan to access potential markets, in line with our global orientation and unique positioning. Based on the 250-year history of the Rothschild family in the banking and finance sector, we are delighted to share our experience with BIDV and together with BIDV achieve new milestones to become the number one Private Banking bank in Vietnam”.

Previously, in April 2023, the two sides initiated the relationship with a memorandum of understanding on strategic cooperation to enhance Private Banking services in Vietnam. This is considered a perfect piece in the supply chain of comprehensive and complete banking products and services for customer segments at BIDV, affirming its position as a leading bank with the best digital platform in Vietnam, aiming to be the leading financial institution in Southeast Asia and Top 100 Banks in Asia by 2030.

Established in 1957, BIDV is the oldest financial institution in Vietnam, with a leading position in terms of total assets. With 66 years of effort and dedication, most of the country's major projects have had capital contributions from BIDV. Today, BIDV has received the trust, support, companionship, and connection of more than 500,000 corporate customers, nearly 18 million individual customers and 2,300 financial institution customers with many prestigious awards. As the No. 1 Retail Bank in Vietnam in the past 8 years, BIDV has pioneered the trend of providing Private Banking services.

With the mission of setting new standards in the premium Personal Banking Services industry, BIDV Private Banking is committed to accompanying customers with comprehensive investment and asset management solutions provided by a team of elite Asset Management Directors.

In 2023, The Asian Banker Magazine voted BIDV as the bank with the best Private Banking Service in Vietnam with a global partner ecosystem, international standard model, diverse and specialized product and service portfolio and the number 1 class privilege set in the market.

As an investment institution with effective financial methods, Edmond de Rothschild operates on the principle that wealth is an opportunity to build the future. Edmond de Rothschild operates in the fields of Private Banking and Asset Management, serving an international clientele of families, entrepreneurs and institutional investors. The Group also operates in the fields of Corporate Finance, Private Equity, Real Estate and Fund Services.

With the characteristic strength of operating according to the family model, Edmond de Rothschild has a steadfast management method and the necessary independence based on financial strength to propose bold strategies and long-term investments.

Founded in 1953, the Group manages nearly $180 billion in assets as of December 31, 2022, with 2,500 employees and 30 locations worldwide.

Source: https://www.sggp.org.vn/bidv-va-edmond-de-rothschild-hop-tac-chien-luoc-cung-cap-dich-vu-private-banking-hang-dau-viet-nam-post714555.html