The Military Commercial Joint Stock Bank (MB) in Vietnam has introduced a wealth management unit, in association with Swiss private bank Bordier & Cie.

MB is the first local bank in Vietnam to offer a private banking service, using Bordier’s expertise. The two parties collaborated on the initiative in October 2018.

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Dubbed MB Private, the new unit aims to serve HNWIs in Vietnam.

Its service suite includes corporate banking, investments, bespoke lifestyle services along with credit solutions.

At the same time, MB Private has the capacity to meet customers’ needs related to inheritance and estate planning, and insurance.

The solutions offered are customised based on each customer’s unique goal and risk appetite. The customers also gain access to a dedicated relationship manager.

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The new business is based at the MB Private Banking Center in Ho Chi Minh City.

MB CEO Luu Trung Thai said: “Private Banking is a long-standing service designed for individuals and families with significant wealth. The group is witnessing a substantial increase in size in Vietnam.

“However, although services such as asset management or investment advisory have existed for a long time in Vietnam, anchoring and delivering a holistic solution like private banking is still a challenge that has not been solved for domestic financial institutions.

“This is the motivation for our collaboration with Bordier & Cie, a leading Swiss private bank with over 175 years of experience, to create a top-quality service for Vietnamese high-net-worth individuals.”