The organisations will share strategic resources in China and internationally.

China Renaissance, a Hong Kong-listed firm operating in areas such as underwriting, mergers and private placement, has signed a strategic cooperating pact with LGT Bank, part of Liechtenstein’s LGT Group. The agreement comes days after LGT added to its Asia footprint with an operation in Thailand.

China Renaissance and LGT Bank will share strategic resources in China and internationally to provide wealth management services to high net worth individuals globally. 

Bao Fan, chairman of China Renaissance, HSH Prince Max von und zu Liechtenstein, LGT Group’s chief executive, and related business leaders from both parties attended the signing ceremony.

 Commenting on their close cooperation, Bao Fan said: “We believe that LGT Bank will bring complementary benefits to China Renaissance, and the two parties will create strong strategic synergies."

"Wealth owners emerging from China's new economy have different attributes compared to traditional high net worth individuals. Being young, they understand and embrace technology and the new economy, and are willing to invest in the ecosystem of the new economy. Meanwhile, demand in China's high-end wealth management market is experiencing a transition from wealth generation to wealth preservation.

LGT Bank adheres to its century-old values and principles towards wealth of the Liechtenstein Family and possesses rich experience and global perspective in the business of wealth management,” he said.

LGT Group managed assets of SFr206.0 billion ($207.5 billion) for wealthy private individuals and institutional clients (as of 30 June last year). 

As previously reported, a few days ago LGT officially opened its office in Bangkok, with the new operation called LGT Securities (Thailand) Limited. The move highlights that although some European private banks have retreated from Asia - Barclays, ABN AMRO, Societe Generale, Banque Internationale a Luxembourg - others believe their offerings can earn a profit. LGT recently scooped an award from this publication at the WealthBriefingAsia Greater China Awards 2019 programme.