The launch reflects how the Southeast Asian nation is starting to flex its wealth management muscles.

Vietnam-based Military Commercial Joint Stock Bank has launched MB Private, which serves high net worth individuals and draws on expertise from a Swiss private bank. The firm has set up a centre in Ho Chi Minh City.

MB Private offers advisory and financial services, it said in a statement. 

The organisation is working with Bordier & Cie and using the Geneva-based bank’s expertise. Along with Bordier, MB Private will run events to give clients the chance to examine wealth management solutions, and MB Private clients will be assigned a relationship manager. 

“The group is witnessing a substantial increase in size in Vietnam. However, although services such as asset management or investment advisory have existed for a long time in Vietnam, anchoring and delivering a holistic solution like private banking is still a challenge that has not been solved for domestic financial institutions,” Luu Trung Thai, CEO of MB, said. 

Military Commercial Joint Stock Bank was founded in Hanoi, Vietnam in 1994. MB Private Banking was established in 2010.

Vietnam has become one of the brighter spots in the emerging markets constellation. For example, banks involved in expansion efforts include United Overseas Bank. (See here.) See this story here about Vietnam investment specialist Dragon Capital.