Kasikornbank Ties Up With Lombard Odier Bank To Enhance Services To HNWIs

By Minggu Simon Lhasa BANGKOK (Thailand), Dec 12 (Bernama) -- Kasikornbank has teamed with leading Swiss private bank, Lombard Odier Bank, in an effort to enhance services to high net worth individual (HNWIs) customers. This endeavour to improve services for HNWIs will also involve complete investment strategies at home and abroad as well as international service standards, said Kasikornbank in a statement. Over the past five years, the Thai people's wealth has risen 12.7 per cent per annum, higher than the Asian average of 9.5 per cent, according to Kasikornbank Chairman, Banthoon Lamsamit. Moreover, assets of HNWIs in Thailand have soared at an annual average of 14.4 per cent over the past five years, again higher than the regional average of 10.4 per cent. "This has led to intensified competition in the private banking business," he said. Kasikornbank's collaboration with Lombard Odier Bank, and the bank's business expansion strategy towards upcountry markets, were expected to ensure that its services remained outstanding among its peers, and that it maintained its leadership in the HNWI market going forward, Banthoon said. Kasikornbank said its HNWI customers currently totals 8,700 representing about 40 per cent share of Thailand's HNWI market of almost US$21.34 billion (700 billion baht). The bank said more than 80 per cent of its customers are in Bangkok while the rest are in provincial areas, and that more than 70 per cent of its HNWI customers had expressed interest in investing in a greater number of investment products. It said with the cooperation of Lombard Odier Bank, the bank's internationalised private banking service would satisfy the needs of HNWI clients for complete investment solutions. It said according to a survey this year by global consultant and research company, Capgemini, HNWI customers in Asia Pacific with assets of at least US$1 million (33 million baht) each grew 17.3 per cent, up from the growth of 9.3 per cent in 2013. --BERNAMA