Switzerland-based Lombard Odier and Aboitiz-led Union Bank of the Philippines have teamed up to launch a new private banking platform that seeks to dip into a small but growing pool of affluent Filipinos with discerning investment requirements.
The newly launched Union Bank Private Banking service targets wealthy families and individuals, defined as those with net worth of over P100 million. This new service targets the entrepreneurs, business leaders and key decision makers in need of “holistic” wealth management solutions from succession planning to fulfilling philanthropic aspirations.
“As individual wealth increases, unique challenges are created. With the launch … we will draw on the strength of our partnership to help clients better navigate these challenges,” said Annika Falkengren, managing partner of the Lombard Odier Group.
This deal deepens the partnership between Lombard Odier, one of the oldest and largest private banks in Switzerland and the whole of Europe, and UnionBank after forging a strategic alliance in 2016. UnionBank has since then provided onshore clients access to the global investment solutions of Lombard Odier, which has been managing funds for the ultrarich for over two centuries.
“Our vision is to become one of the best and top-of-mind private banks within the next five years,” UnionBank president Edwin Bautista said.
In the past, the Philippines’ ultrarich tended to move funds abroad and obtain the services of offshore private banks. Tightening banking regulations, however, has prompted the wealthy to bring the money back home.
“The future (of investing) is onshore,” said Vincent Magnenat, chief executive at Lombard Odier Asia.