Swiss private banking group Julius Baer has formed a joint venture (JV) with Thailand’s Siam Commercial Bank (SCB) to offer wealth management services to customers in the Southeast Asian country.

The move will offer the Swiss bank access to the wealth market in Thailand, which according to the BCG Global Wealth Report 2017 is currently valued at about $300bn.

Julius Baer will initially own a 40% stake in the JV, which is subject to regulatory approvals. The Swiss bank will also have the option to raise its stake to 49% eventually.

Julius Baer member of the executive board and head of Asia Pacific Jimmy Lee said: “We recognise that the Thai client community is increasingly seeking sophisticated advisory, investment demands and global solutions.

“We believe that the combination of SCB’s long-standing experience, expertise and brand heritage with Julius Baer’s leading independent global private wealth management capabilities, will offer a unique value proposition specifically tailored to the demands of Thai clients.”

The venture will operate through both domestic and international firms in Thailand as well as Singapore.

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SCB president and CEO Arthid Nanthawithaya said: “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.”