The partnership follows a pattern set by a number of European banks in recent years as a way to tap into the expanding affluent middle class of Asia.

Hong Leong Bank, aka HLB, and Swiss private bank Lombard Odier have entered a strategic alliance.

The relationship reflects the trend of European banks, such as fellow Swiss bank Julius Baer and Bordier & Cie, to give just two examples (here and here, respectively), forming JVs in Asia to expand their footprint and use partners’ local expertise.

“By uniting HLB’s intimate knowledge of the Asian landscape with Lombard Odier’s globally recognised expertise in sustainability and bespoke, long-term wealth and asset management, this strategic alliance sets a new benchmark for private banking in Singapore, Malaysia, and the region,” HLB said in a statement yesterday. 

In parallel, HLB said that HLB Private Bank services are being “enhanced” in the region. It is tapping into the insights of Lombard Odier’s chief investment office, and blending this with HLB’s knowledge of Asian markets.

HLB operates in Malaysia and is present in Singapore, Hong Kong, Vietnam, and Cambodia.

“Our heritage is built on a foundation of trust and a deep understanding of our clients’ aspirations, which invariably extend beyond their own lifetimes,” affirms Kevin Lam, group managing director and chief executive officer of HLB. 

“Singapore, a pivotal wealth hub in a continent experiencing unprecedented growth in affluence, presents a unique opportunity. Our strategic alliance with Lombard Odier, an institution that shares our profound long-term perspective, allows us to elevate our Private Bank offering here,” Kevin Lam, group managing director and CEO of HLB, said. 

Lombard Odier has pacts with local financial institutions in other markets such as Australia, Japan, Taiwan, Thailand, and the Philippines.

“We are increasingly seeing significant growth opportunities in the Asia domestic markets: a clear upward trajectory in the demand and appetite for tailored wealth management, and a need for banks to meet client demands in accessing global investment opportunities onshore,” Hubert Keller, senior managing partner, Lombard Odier, said.

“Our strategy is to collaborate with leading domestic financial institutions to jointly enhance their capabilities in serving clients,” Keller added. 

Photo: Inking the alliance at HLB’s HQ in Kuala Lumpur between Kevin Lam, group managing director and CEO with Vincent Magnenat, Asia group regional head and global head of strategic alliances, Lombard Odier, witnessed by, (left) HLB’s Malkit Singh Maan, chief financial officer and Jeffrey Yap, MD, and head of regional wealth management, and Lombard Odier’s Vanessa Raymundo, MD, head of Asia private banking strategic alliances and Hubert Keller, senior managing partner.