BIDV, a Vietnamese state-controlled banking giant, has teamed up with Switzerland-based financial institution Edmond de Rothchild to “build the leading private bank in the country.”
In a Thursday announcement, Edmond de Rothschild said the strategic cooperation pact would support BIDV in building their private banking capabilities to international standards. This partnership will offer opportunities for BIDV’s private banking clients to experience the most high-end services and connect with global elites through Edmond de Rothschild’s unique ecosystem in Europe.
“I am enthusiastic about this strategic partnership with BIDV. It represents a shared vision to cater the needs of Vietnamese entrepreneurs,” said Ariane de Rothschild, CEO of Edmond de Rothschild.
BIDV chairman Phan Duc Tu commented: “Through the strategic partnership signed between BIDV and Edmond de Rothschild, for the first time, Vietnam’s financial market welcomes the presence of a global leader in wealth management for private banking customers.”
BIDV, the biggest bank in Vietnam in terms of total assets, recorded a pre-tax profit increase of 12% year-on-year in the first nine months of this year. In this period, interest income reached VND115.27 trillion ($4.73 billion), a year-on-year increase of 32%.
But due to a sharp year-on-year rise of 62.7% in interest expenses, the bank's net interest income decreased slightly by 1% to VND41.27 trillion ($1.7 billion).
Profits from services and foreign exchange trading expanded 17% and 56% to VND4.96 trillion ($203.5 million) and VND3.14 trillion ($128.9 million), respectively. Securities trading activities also shifted from a loss in the same period last year to a profit of nearly VND294 billion ($12.07 million).
Customer deposits expanded 7% compared to the beginning of the year to more than VND1,580 trillion ($64.9 billion).
The bank’s BID ticket, listed on the Ho Chi Minh Stock Exchange (HoSE), closed Friday at VND42,900 ($1.77) per share, down 1.94%.