Siam Commercial Bank and Julius Baer announce Asia's first joint venture in wealth management

PR NEWSWIRE ASIA
Friday, Mar 09, 2018

BANGKOK, SINGAPORE, HONG KONG, ZURICH, March 9, 2018 /PRNewswire/ -- Siam Commercial Bank (SCB), Thailand's first indigenous bank, and Julius Baer, the leading global private banking group based in Switzerland, signed an agreement on March 8 that intends to establish a strategic joint venture focusing on creating a new platform bridging onshore & offshore investment opportunities for sophisticated clients. The joint venture will provide a uniquely integrated, holistic, global wealth management advisory offering tailored to the needs of its clients.


Mr. Bernhard Hodler, Chief Executive Officer of Julius Baer Group Ltd.; Dr. Vichit Suraphongchai, Chairman of the Executive Committee of SCB; and Mr. Arthid Nanthawithaya, SCB’s President and Chief Executive Officer; signed an agreement to establish a joint venture to offer unique and best-in-class wealth management services to clients in Thailand.

The joint venture will seamlessly combine SCB's strong brand credibility, wealth management expertise and client insight with Julius Baer's full suite of international wealth management capabilities and advisory services. The cooperation will immediately complement SCB's leadership in Thailand private banking capabilities, in which it has over USD 23 billion of AUM, whilst opening access for Julius Baer to the fast-growing Thai wealth management market.

The joint venture clearly demonstrates SCB's commitment under the new "Going Upside Down" strategy where a new service platform is developed and introduced. This will lift Thailand's USD 300 billion private banking industry to another level.  SCB's high net worth clients will then have easy access to relevant advices from Julius Baer and maximize their international investment opportunities. The cooperation between SCB and Julius Baer will also complement each other's business in the global context, enabling both parties to reap the benefits from the globalization.

About Julius Baer

Julius Baer is the leading Swiss private banking group, with a focus on servicing and advising sophisticated private clients and a premium brand in global wealth management. At the end of 2017, assets under management amounted to CHF 388 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Market Index (SMI), comprising the 20 largest and most liquid Swiss stocks.

Julius Baer is present in over 25 countries and more than 50 locations. Headquartered in Zurich, we have offices in key locations including Dubai, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Milan, Monaco, Montevideo, Moscow, Mumbai, Singapore and Tokyo. Our client-centric approach, our objective advice based on the Julius Baer open product platform, our solid financial base and our entrepreneurial management culture make us the international reference in private banking. For more information visit our website at www.juliusbaer.com.

About Siam Commercial Bank

Siam Commercial Bank PCL is one of Thailand's leading universal banks. Established by Royal Charter in 1906 as the first Thai bank, SCB has the second rank in the market capitalization among Thai financial institutions as of the end of December 2017 (Baht 510 billion). Its network of branches and service points offers nationwide coverage (1,153 branches, 102 foreign exchange kiosks, and 9,560 ATM machines) providing services that meet the demands of all customer groups, including corporate, SME and retail customers, with total assets of Baht 3,024 billion. More information is available from the website www.scb.co.th.

For more information, contact:

Siam Commercial Bank



Piyaporn Thipsoonthornsak  

email: piyaporn.thipsoonthornsak@scb.co.th

Tel. +662-544-6995




Ogilvy Public Relations Ltd.



Nattanan Tantinipankul        

email: Nattanan.Tantinipankul@ogilvy.com

Tel. +66-89-135-0051

Photo - https://photos.prnasia.com/prnh/20180308/2075424-1

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