BIDV 'joins hands' with financial institution Edmond de Rothschild

The handshake between BIDV and Edmond de Rothschild - the financial institution of the leading wealthy family - is expected to help Vietnamese customers access high-end financial services.

"I am very passionate about this cooperation because it represents a common vision, meeting the needs of Vietnamese entrepreneurs. Vietnam is a clear opportunity for us to expand our network," said Ms. Ariane de Rothschild, CEO of Edmond de Rothschild, at the signing ceremony this afternoon (November 16) in Hanoi . She is also the first female CEO of the bank of this family.

Previously, in April, the two sides approved a memorandum of understanding on strategic cooperation to enhance private banking services in Vietnam.

Representatives of BIDV and Edmond de Rothschild signed a cooperation contract on the afternoon of November 16. Photo: BID — Representatives of BIDV and Edmond de Rothschild signed a cooperation contract on the afternoon of November 16. Photo: *BID*

According to the latest agreement, Edmond de Rothschild - the financial institution of the world's richest family - will support BIDV, the bank with the largest asset scale in Vietnam, to train and improve its capacity to deploy Private Banking services according to international standards.

Mr. Phan Duc Tu, Chairman of BIDV Board of Directors, said that this is the first time the Vietnamese financial market has had the presence of the world's leading financial institution in the field of high-end personal asset management. With this cooperation, he believes that BIDV Private Banking customers will have access to specialized investment products, be connected to the global elite and experience the unique ecosystem of Edmond de Rothschild in Europe.

The expansion of its presence in Vietnam is a testament to the family’s approach to Vietnam. McKinsey, an American management and business strategy consulting firm, estimates that by 2027, the size of Vietnam’s private wealth management market will be worth about $600 billion, growing at a rate of 11% per year from about $360 billion at the end of 2022.

Edmond de Rothschild was founded in 1744. In 1953, Edmond founded Edmond de Rothschild Suisse SA, headquartered in Geneva, Switzerland, which is engaged in private banking and asset management, serving an international clientele of families, entrepreneurs and institutional investors. The group also operates in corporate finance, private equity, real estate and fund services.

The group currently manages nearly $180 billion in assets (as of January 2022), with 2,500 employees and 30 locations worldwide. Edmond de Rothschild's unique ecosystem consists of four pillars: finance, lifestyle (wine - hotels, customer service - natural attractions), sailing and philanthropy.

Minh Son

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