Connect with us

Banking

Swiss private banking group Julius Baer partners with SCB to tap Asian wealth market

Thailand’s overall wealth market is estimated to be around $300 billion, with a rapidly growing population of high net worth individuals of approximately 30,000

Avatar

Published

on

Swiss private banking group Julius Baer and Thailand’s Siam Commercial Bank (SCB) signed agreement to establish a wealth management joint venture (JV) focused on bringing relevant and impactful advice and solutions to the growing Thai private banking market.

At inception, Julius Baer will hold 40 per cent in the joint venture, with an option to increase to 49 per cent over time, it said in an announcement.

The cooperation complements SCB’s existing private banking capabilities whilst opening access for Julius Baer to the fast-growing Thai wealth management market, it said.

The JV will operate via domestic and international companies in Thailand and Singapore, respectively.

Thailand’s overall wealth market is estimated to be around $300 billion, with a rapidly growing population of high net worth individuals of approximately 30,000, according to the BCG Global Wealth Report 2017.

Not only is wealth growing in Thailand, the demand for sophisticated wealth management services and global investment strategies is also expanding quickly.

SCB has been serving wealthy clients since 1907 with over $23 billion of assets under management. The bank has more than 13 million clients across Thailand and is listed on the stock exchange of Thailand, with a current market capitalization of around $15 billion.

“This partnership is our first international move under the new ‘Going Upside Down’ strategy where a new banking platform is developed and introduced. With a long-term strategic partnership structure with SCB, Julius Baer is committed to dedicating their resources to Thai clients, allowing us to deploy their full international wealth management capabilities into Thai market like never before,” said Arthid Nanthawithaya, President and Chief Executive Officer, Siam Commercial Bank.

Julius Baer is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange, with assets under management amounting to CHF388 billion as of end of 2017. Headquartered in Zurich, the bank is present in over 25 countries and more than 50 locations.

Source link

DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

Comments

Banking

Four Thai banks Probed Over Anti-Money Laundering Investigations

Four Thai banks allegedly involved in suspicious financial transactions are under investigation from the Anti-Money Laundering Office (Amlo)

Olivier Languepin

Published

on

The Anti-Money Laundering Office (Amlo) is currently investigating an international report claiming that four major Thai banks were involved in suspicious financial transactions, according to the International Consortium of Investigative Journalists’ report referring to alleged leaked files from the Financial Crimes Enforcement Network of the US.

(more…)

Continue Reading

Banking

Thai economy continued to improve in July, says Bank of Thailand

In July 2020, the Thai economy continued to improve, driven by public spending and the relaxation of lockdown measures both in Thailand and abroad, said Bank of Thailand.

Pr News

Published

on

By

seaport during golden hour

In July 2020, the Thai economy continued to improve, driven by public spending and the relaxation of lockdown measures both in Thailand and abroad.

(more…)

Continue Reading

Banking

Bank of Thailand (BOT) to help Multi-Creditors Businesses Lessen Their Debt Burdens

The program aims to provide a mechanism for multi-creditors businesses to lessen their debt burdens and support coordination among multiple creditors.

Avatar

Published

on

The program aims to provide a mechanism for multi-creditors businesses to lessen their debt burdens and support coordination among multiple creditors.
To continue reading, subscribe today : View subscription options.
Already a subscriber? Sign In here, or use a social media account to login.
Continue Reading

Cart

Most Viewed

Events Calendar

« September 2020 » loading...
M T W T F S S
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
4

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,949 other subscribers

Latest

Trending