Bangkok--11 Dec--KASIKORNBANK
KASIKORNBANK has teamed with Lombard Odier Bank, a leading Swiss private banking service provider, as part of an effort to enhance services for High Net Worth Individual (HNWI) customers with complete investment strategies at home and abroad as well as international service standards. Over the past five years, Thai people’s wealth has risen 12.7 percent per annum, higher than the Asian average at 9.5 percent.
According to KASIKORNBANK Chairman of the Board Mr. Banthoon Lamsam, KBank has made an agreement with Lombard Odier Bank, one of the oldest providers of private banking services. Established 218 years ago, the Switzerland-based bank has 25 offices in 18 countries worldwide. Its global experience in private banking, serving clients in Japan, China, South Korea and Australia, spans more than 25 years, in that time surmounting more than 40 different episodes of financial crises. Therefore, the foreign bank’s expertise and experience in risk management are among the world’s best.
Through this collaboration, combined with the Swiss bank’s 200-plus years of private banking experience, KBank’s private banking business will be advanced with international service standards tailored to the HNWI customer segment. A synergetic business strategy of customer-centricity to create a strong bond with clients, ensuring them of value greater than short-term profits, is shared by both banks. In addition, Lombard Odier Bank’s specialized consultancy in family business succession, as well as single-family office financial management, perfectly aligns with KBank’s current business focus.
Under this agreement, KBank’s HNWI customers will enjoy greater fully-fledged services in financial and investment matters with extended coverage of products, thereby having more opportunities to reap high returns with systematic risk management. International-standard private banking services will be provided to them, including quality investment analysis reports as well as recommendations, a variety of local and overseas investment products for more customer choice, and high-end technologies applied for professional services.
KBank’s HNWI customers currently total 8,700, representing approximately 40 percent of market share in Thailand’s HNWI market of almost 700 billion Baht. More than 80 percent of the Bank’s customers are in Bangkok, while the rest reside in provincial areas. Of the total, more than 70 percent have expressed interest in investing in a greater number of diverse investment products. With the cooperation of Lombard Odier Bank, the Bank’s internationalized private banking service will satisfy the need of HNWI clients for complete investment solutions, with products at home and abroad.
According to Capgemini’s 2014 survey, HNWI customers in Asia Pacific with assets of at least USD1 million (or 33 million Baht) each has grown 17.3 percent, up from 2013’s growth of 9.3 percent. Capgemini is a global leading consultant and research company.
Over the past five years, the HNWI market in Thailand has increased 12.7 percent per year, relatively high growth compared to the average Asia Pacific figure over the same period of 9.5 percent. Moreover, assets of HNWIs in Thailand have soared at an annual average of 14.4 percent over the past five years, again higher than the regional average at 10.4 percent. This has led to intensified competition in the private banking business. Still, KBank’s collaboration with Lombard Odier Bank, and the Bank’s business expansion strategy towards upcountry markets, are expected to ensure that KBank’s service remains outstanding among peers, and that the Bank maintains its leadership in the HNWI market going forward.