Swiss banking group Julius Bär Gruppe AG and Thai lender Siam Commercial Bank PCL signed an agreement to set up a joint venture that will provide wealth management services in Thailand, both companies said March 8.
Julius Bär will initially hold 40% of the joint venture at launch, although it will have the option to increase its stake to 49% over time. The joint venture will operate via domestic and international companies in Thailand and Singapore, respectively.
The agreement is subject to certain conditions and regulatory approvals.
The new company will combine Siam Commercial Bank's strong brand credibility and wealth management expertise with Julius Bär's international wealth management capabilities and advisory services, the banks said, adding that the agreement will immediately complement Siam Commercial Bank's existing private banking capabilities while giving Julius Bär access to the Thai wealth management market.
