The chief executive of VPBank Securities Lam Dung said that the firm is planning to launch a new onshore private banking platform in 2015.
The new onshore private banking service will serve the needs of the high-net-worth segment, according to Asian Investor.
The private bank will target clients with a minimum of $500,000 in financial assets and will initially offer basic products for local investors.
The new service will be led by Gregory Nathan, managing director, head of private banking at VPBank Securities.The service will mainly benefit fund mangers with onshore products and wealthy clients in the Vietnam region.
Dung said: "We will combine our commercial bank with our securities service."
Additionally, Dung is in tentative talks with foreign financial institutions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
He said: "We want to team up with international private banks; we can refer clients to them. But in return we want training and help with our IT platform."
VPBank Securities, a unit of Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), focuses on lending to small enterprises and consumer finance.
Also, VPBank is also planning to offer services such as investment products, including mutual funds, money market funds, insurance and real-estate investment advice in the coming future.