VP Bank Group, a Liechtenstein-based private bank, has inked a memorandum of understanding with Hywin Wealth Management (China) to develop a Hong Kong-based collaboration platform for the affluent in China.

The aim is to offer both on- and offshore wealth management services for wealthy Chinese.

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Hywin delivers a range of services including asset management, estate planning and philanthropy through 148 subsidiaries in 72 Chinese cities.

Its client base in China is more than 50,000.

The business also has presence in the UK and Hong Kong.

Hywin CEO Dian Wang said: “The proposed collaboration enables us to tap and house the extensive expertise of VP Bank as an established, globally active financial services provider whose clients count on decades of experience and a modern infrastructure.

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“We will now be able to follow and service our clients more closely in their global aspirations and accelerate our mission to become a wealth manager of the highest global standards.”

Meanwhile, VP Bank tends to private individuals and intermediaries, offering them wealth management services.

Apart from Liechtenstein, the private bank has operations in Switzerland, Luxembourg, Singapore, Hong Kong and the British Virgin Islands.

VP Bank head of client business Christoph Mauchle said: “The planned cooperation represents an excellent opportunity to expand our business activities in the Chinese market and to successfully continue VP Bank Group’s Asia strategy with a highly professional and in China widely recognised partner.”

The latest alliance comes close on the heels of Paul Arni’s appointment as the CEO of VP Bank.