SCB Julius Baer, a wealth management joint venture (JV) of Swiss private banking group Julius Baer and Thailand’s Siam Commercial Bank (SCB), has secured a licence to begin operations in Thailand.

The new business will tend to Thailand’s HNW as well as UHNW individuals and families, providing them international wealth management capabilities.

Commenting on the new venture, Julius Baer market head for emerging Asia, Christian Cappelli, said: “SCB’s strong brand name in Thailand provides the joint venture with a home-court advantage while Julius Baer contributes its comprehensive investment and advisory solutions built on global best-in-class expertise.

“Together, we have a winning formula for our clients in Thailand.”

The Thai JV will initially be staffed by over 50 people.

Among them will be relationship managers, investment specialists and support functions staff.

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SCB president Arak Sutivong said: “They have been receiving comprehensive training and development, enabling them to serve clients’ long-term wealth management requirements.

“Talent development is one of the key priorities for building a sustainable business in Thailand.”

The new business will be headed by Jiralawan Tangitvet as CEO.

Tangitvet joins from Kasikorn Securities, where she was the managing director.

She has spent more than 20 years in the financial services space, which includes experience in the buy- and sell-side.