Banks take on wealth managementManaging the wealth of well-off people could be a pleasantly profitable business for banks this year, as the number of the rich is growing alongside the strong performance of the local economy. The development of this segment depends on legal backup from the central bank, banks’ competency and capability, and further market expansion.banks take on wealth managementTwo years ago, the Vietnam branch of Standard Chartered launched its wealth management operations. The surge in entrepreneurship has also generated wealth for the nation as a whole, and businesspeople in particular.“The expansion of the wealth management business is in line with our overall strategy, and the expansion of the business in Vietnam is our priority,” he said. HSBC and Standard Chartered could be among the first foreign lenders to see the potential for this market segment, having ventured into the wealth management business here some time ago. A few other local banks, as Luc noted, have actually incorporated this type of business into their operations for a number of years.“The wealth management service has emerged as a business that goes in line with the retail banking development strategy of many banks.

Source: VietNamNet News February 16, 2018 09:11 UTC