Swiss private banking group Julius Baer and Siam Commercial Bank has established strategic joint venture focusing on bringing the most relevant and impactful advice and solutions to the growing Thai private banking market and its increasingly sophisticated clients.
The joint venture will seamlessly combine SCB’s strong brand credibility and wealth management expertise with Julius Baer’s full suite of international wealth management capabilities and advisory services. The cooperation will immediately complement SCB’s existing private banking capabilities whilst opening access for Julius Baer to the fast-growing Thai wealth management market.
It will operate via domestic and international companies in Thailand and Singapore, respectively, and will provide a unique and holistic global wealth management proposition tailored to the needs of its Thai client base. At inception, Julius Baer will hold 40% in the joint venture, with the option to increase to 49% over time.
The joint venture is expected to significantly expand the combined growth prospects for both firms via this pioneering joint venture.
“We are pleased about this pioneering joint venture with SCB as Thailand’s preeminent and prestigious full service bank. It further strengthens our long-standing commitment to Asia as our second home market by expanding our access to HNWI clients in the fast-growing Thai market,” said Bernhard Hodler, chief executive officer of Julius Baer Group Ltd.
“This partnership is our first international move under the new ‘Going Upside Down’ strategy where a new banking platform is developed and introduced. With a long-term strategic partnership structure with SCB, Julius Baer is committed to dedicating their resources to Thai clients, allowing us to deploy their full international wealth management capabilities into Thai market like never before,” said Arthid Nanthawithaya, president and chief executive officer, Siam Commercial Bank.