On 16 November 2023, in Hanoi, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Edmond de Rothschild signed a strategic cooperation agreement, aiming to provide private banking customers in Vietnam with the opportunity to access and use world-class financial services.

This is the first strategic partnership between the longest-established and largest financial institution by assets in Vietnam and a leading conviction-driven investment house with a long-standing operation in Europe and multinational presence in banking, wealth management and development.

Representatives of BIDV and Edmond de Rothschild sign agreement

The strategic partnership has laid a solid foundation for Edmond de Rothschild to support BIDV in training and improving capacity to offer private banking services following international standards. It is a key driver for promoting robust transformation in banking and financial services in Vietnam. At the same time, the cooperation of the two major brands helps develop specialized investment products and smart, effective and safe service solutions for Vietnamese private banking customers.

Mr. Phan Duc Tu – Chairman of the Board of Directors of BIDV said:

As a developing country, Vietnam is featured by a dynamic economy and rising affluent year after year. Recent trends in consumption, investment and assets are posing a huge demand for personal financial services. Through the strategic partnership with Edmond de Rothschild, for the first time, Vietnam’s financial market welcomes the presence of a global leader in wealth management for private banking customers. This cooperation opens a promising opportunity for BIDV’s private banking customers to access specialized investment products, to connect with global elites and to experience Edmond de Rothschild’s unique ecosystem in Europe. Customers are also served by a team of professional and dedicated wealth managers, who are well-trained under the quintessential and high standards of Swiss banking services.

Ms. Ariane de Rothschild - CEO of Edmond de Rothschild Group shared:

I am enthusiastic about this strategic partnership with BIDV. It represents a shared vision to cater the needs of Vietnamese entrepreneurs. Expanding our presence in this country is proof of our pioneering approach and our conviction of the spectacular development and attractiveness of Vietnam. This country represents a clear opportunity for us to widen our horizons by combining our expertise with BIDV’s excellent track-record and presence in the area.

Christophe Caspar, Global CEO, Asset Management, Edmond de Rothschild, emphasized:

This strategic partnership with BIDV, an industry leader in Vietnam, is a significant step in Edmond de Rothschild’s growth plan to access high potential markets that are in line with our global market approach and unique positioning. Relying on 250 years of entrepreneurial history of the Rothschild’s family in banking and finance, we are excited to share our expertise with BIDV and help them reach new milestones to become the number one private bank in the country.

The partnership started in April 2023 with a memorandum of understanding to raise Private Banking standards in Vietnam. This is considered a perfect piece in the chain of comprehensive banking products and services for customer segments at BIDV, affirming BIDV’s position as the bank with the leading digital platform in Vietnam, aiming to become a leading financial institution in Southeast Asia and Top 100 largest banks in Asia by 2030.

 

About BIDV and BIDV Private Banking Established in 1957, BIDV is the longest-established financial institution and the market leader in terms of total assets. With 66 years of commitment and dedication, BIDV has made contributions to most of key national projects in Vietnam. BIDV has successfully built trust and engagement among more than 500,000 corporate customers, more than 18 million individual customers, and 2,300 financial institutions. As the best Retail Bank in Vietnam for 8 years, BIDV has pioneered in providing Private Banking services. With the mission of setting new standards in the Private Banking service, BIDV Private Banking is proud to offer customers with comprehensive investment, wealth management solutions and a team of elite asset managers. In 2023, BIDV was honored with “The Best Private Banking Service in Vietnam” by The Asian Banker for the global partner ecosystem, international standard model, diverse and specialized products and services and marketing leading privileges.

 

About Edmond de Rothschild A conviction-driven investment house founded upon the belief that wealth should be used to build the world of tomorrow, Edmond de Rothschild specializes in Private Banking and Asset Management. It serves an international clientele of families, entrepreneurs and institutional investors. The group is also active in corporate finance, private equity, real estate and fund services. With a resolutely family-run nature, Edmond de Rothschild has the independence necessary to propose bold strategies and long-term investments, rooted in the real economy. Founded in 1953, the Group’s AUM reaches nearly USD180 billion as at 31 December 2022, 2,500 employees, and 30 locations worldwide.