Human resources meeting international standards – New standards in Private Banking services in Vietnam

According to Knight Frank’s Wealth Report, Vietnam had 19,419 USD millionaires in 2020, ranking fourth in Southeast Asia in terms of millionaires, after Singapore, Indonesia and Thailand. It is forecast that by 2025, Vietnam will have more than 500 super-rich people with assets of more than 30 million USD and more than 25,800 people with assets of more than 1 million USD. This context gives banks and financial institutions in Vietnam many opportunities to develop banking services to serve individual customers with large assets (Private Banking), providing specialized asset management solutions. especially for the rich and super-rich segments.

As the first state-owned bank to deploy Private Banking services, BIDV understands that with its “elite” customer base, product, service and experience standards must always be placed on the highest priority. Now it is no longer a simple competition between interest rates, prices, and gift policies, but the difference lies in products that serve specialized needs or a worthy, high-class experience.

BIDV also said that when becoming a priority customer (also known as BIDV Premier customer) here, customers will be served by specialized management experts. But when becoming a BIDV Private Banking customer, care personnel are also brought to a new standard – these specialists are called Private Bankers.

The Private Banker profession in the world is no longer strange, but in Vietnam it is still very new. There are currently more than 600 Private Bankers in the world advising and managing total assets of more than 3,500 billion USD for super-rich customers by the end of 2021, according to research data from consulting firm Knight Frank. In Singapore, the amount of Private Banking assets entrusted increases by 8-9% a year. This shows the attraction of consulting and asset management services and the “prestige” of the Private Banker profession to today’s super-rich class.

BIDV representative also shared that the bank has built a separate capacity and professional training framework for the Private Banker team. Accordingly, the staff is strictly selected right from the recruitment round with high requirements for professional capacity in the field of banking and financial services, especially asset management. The Bank also develops continuous training programs with experts and reputable domestic organizations.

In particular, Private Bankers at BIDV are well-trained and internationally certified in consulting and asset management. Currently, after 1 year of training, BIDV has the first Private Bankers certified by WMI Singapore (Weath Management Institute Singapore) – a prestigious certificate in the field of asset management, the “gold standard” for evaluating capacity, professionalism and professional ethics nominated by the Singapore Banking and Finance Association and the Monetary Authority of Singapore.

WMI Private Banker certification in the asset management industry is considered a standard among Private Bankers worldwide. Along with professional knowledge of investment consulting and asset planning, through rigorous training processes in professional ethics and customer relationship management along with team leadership and people management capabilities In fact, Private Bankers are trained with the necessary skills to serve Private Banking customers.

Also in November, a special event took place at the signing ceremony of a strategic cooperation contract between BIDV and Edmond de Rothschild Group to raise the standard of Private Banking services in the Vietnamese market, in which activities include: Private Banker capacity development training will also be an important component that the two potential brands focus on promoting.

With brand heritage and 66 years of experience serving corporate and individual customers in the Vietnamese market, BIDV is showing a strong transformation of the brand in the business of high-end banking services.

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