VP Bank has acquired a 3.4% equity stake in Chinese wealth manager Hywin as part of an ongoing partnership between both parties.

The development follows a cooperation agreement signed by the Liechtenstein-based private lender with Hywin and its Hong Kong-based subsidiary Hywin Asset Management, among others.

Under this agreement, the entities will work together to establish Hywin’s Hong Kong entity a collaboration platform to meet the demands of wealthy Chinese for offshore wealth management services.

VP Bank Group CEO Paul Arni noted that outstanding collaboration with Hywin and the participation in the equity fundraising will enable the bank to continue its Asia momentum.

Arni said: “Partnering with a highly professional and recognised partner such as Hywin Wealth Management is a true privilege.

“Combining our proven strength and experience in servicing financial intermediaries with the strengths of Hywin as a valued wealth manager for Chinese clients offers us attractive opportunities.”

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By GlobalData

The strategic partnership, which aims to extend international investment capabilities and services to Chinese investors, covers products and services collaboration activities.

As part of this, Hywin Wealth and VP Bank will further fortify their tie-up in connection with the investment management and custody of client assets of Hywin Hong Kong as well as its affiliates.

The partnership will enable Hywin Wealth to leverage VP Bank’s offshore wealth management offering through Hywin Hong Kong. The company will also utilise the bank’s international ecosystem of partners and investment specialists.

Hywin Wealth CEO Wang Dian commented: “We will now be able to follow and service our clients more closely in their international aspirations and accelerate our mission to become a wealth manager of the highest international standards.”

Last year, VP Bank agreed to acquire the private banking operations of Öhman Bank in Luxembourg for an undisclosed sum.