Liechtenstein-based VP Bank has partnered with Hywin Wealth Management from China tomeet the offshore demands of Chinese HNWIs.
The two wealth managers signed a memorandum of understanding on Thursday to enter a strategic collaboration. The plan is to establish a Hong Kong-based collaboration platform to meet the demands of wealthy Chinese and needs.
"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 recognized partner", Christoph Mauchle, head of Client Business and member of VP Bank's group executive management, 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," Dian Wang, head of Hywin Wealth Management, said.
"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," she added.
VP Bank established in 1956 is a bank in Liechtenstein with an international presence in Switzerland, Luxembourg, Singapore, Hong Kong, and the British Virgin Islands. Hywin Wealth, founded in Shanghai in 2006, is a wealth manager in China with 148 subsidiaries in 72 cities employing more than 2,000 staff and serving more than 50,000 clients nationwide.