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Industrial Bank joins Lombard Odier in private banking deal

( chinadaily.com.cn )

Updated: 2014-03-20

The Industrial Bank Co Ltd signed a cooperation agreement on top private banking services with Lombard Odier, on Mar 11, calling for an advisory committee made up of senior personnel from both banks to be set up and to hold regular meetings on cooperation and exchanges in Hong Kong, Shanghai, or Geneva.

The two banks will work closely in global allocations, product design and overseas value-added services, with the help of Lombard Odier's product and services platform, so Industrial Bank can provide better private banking service overseas to meet Chinese customer demands. Also, it can provide investment and value-added advice on the Chinese market to Lombard Odier customers, if the opportunity arises.

Vincent Duhamel, co-founder and head of the Asian arm of Lombard Odier, commented, "Lombard Odier has been exploring new markets steadily, and has more than 200 years of operational and management experience," then added that they will cooperate with Industrial Bank in private banking services in accordance with global standards for high-net-worth individuals in China.

Xue Ruifeng, the GM of Industrial Bank's private banking, said that their private banking services focus on consulting to give clients professional services and a range of financial products from its team of experts and overseas partners. Xue explained that by cooperating with Lombard Odier, they expect to develop a more diverse, high-level business mode and improve clients' banking experience.

Industrial Bank was established in August 1988 in the city of Fuzhou, Fujian Province and started its private banking service, in 2011. It has 15,000 customers with total assets of 200 billion yuan, and joined the list of the top 50 banks in the world, in 2013, according to The Banker magazine, out of a total of 1,000 banks.

Lombard Odier was founded in 1796 and is the oldest private bank in Geneva, and one of the largest in Switzerland and Europe, with 24 offices around the world, covering private and institutional clients with a wide range of services in wealth management, financial products, and specialized areas.

By Lu Ting from China Daily Fujian Bureau, and Zhao Qian

Edited by Roger Bradshaw

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