The Singapore-headquarted private bank and subsidiary of OCBC said its Asian ultra-high and high net worth clients will be able to open an account with Swiss bank Vontobel to place their assets in custody in its Zurich booking centre.
They will then be able to access Vontobel’s European financial products and services.
“This agreement is designed to meet increasing interest from Asian clients to have their assets in custody in Switzerland on top of our current booking centres in Singapore and Hong Kong,” said Olivier Denis, BOS global market head of Singapore, International, Thai and Indo-China in the statement.
“This fits in well with our clients as this provides them with more options as they seek to diversify their portfolio globally,” a BOS spokeswoman added.
The partnership also aims to give a holistic view of the clients’ total wealth portfolio, thus managing clients’ wealth in a comprehensive manner, the firms noted in the statement.
No further details were given.
Vontobel also has a wealth management business in Asia. Its head of external asset managers, Brian Fischer, said the partnership is another step in Vontobel’s international expansion of business offerings to financial institutions.
“International diversification of wealth is enjoying increasing acceptance in many foreign markets and in particular in Asia, which still represents a growth market for asset management,” he said in the statement.
