OREANDA-NEWS. March 21, 2014. In the near future, it is hopeful that China’s high net worth individuals may enjoy the services of Swiss Lombard Odier, the best private bank in the world through Industrial Bank (IB) –IB and Lombard Odier entered into a strategic cooperation agreement on private banking in Shanghai.

The signing ceremony was witnessed by President Li Renjie and Vice President Chen Jinguang of IB and Hubert Keller, managing partner, and Vincent Duhamel, partner and head of Asia of Lombard Odier, etc. Xue Ruifeng, General Manager of the Private Banking Department of IB and Hubert Keller, managing partner of Lombard Odier signed the agreement on behalf of both sides respectively.

Founded in 1988, IB established the Private Banking Department in 2011, which now has 15,000 customers and nearly RMB 200 billion of customer assets. IB ranked No. 50 in the list of 2013 Top 1000 World Banks released by the British Magazine, The Banker, in terms of total assets. Boasting a history of 218 years, Lombard Odier comes from Switzerland, the origin of private banking. With more than USD 200 billion of assets under its management, it has 24 offices around the world and a private banking service network covering the whole world. It is regarded as the oldest and best private bank by the global banking industry.

IB and Lombard Odier are highly complementary with each other in the area of private banking. Under the agreement, both sides will have close cooperation in the fields including global assets allocation, product design, and overseas high-end value-added services, etc for of private banking customer. With the help of the open products and service platform of Lombard Odier, IB will offer more well-established overseas private banking services to China’s high-net-worth individuals, thus further meeting the demands of customer groups at home. Upon mature conditions, IB will also provide customers of Lombard Odier with various investment and value-added services toward Chinese market.

Pursuant to the agreement, both sides will establish a consulting committee consisting of executives of both IB and Lombard Odier in this regard, which will hold meetings in Hong Kong, Shanghai or Geneva on a regular basis to discuss matters concerning cooperation and exchange business opinions.

At the signing ceremony, Vincent Duhamel, partner and head of Asia of Lombard Odier, indicated that Lombard Odier had always extended new markets from the perspective of long-run development and at solid and firm steps, and in the future, with more than 200 years of operation and management experience, it would provide China’s high-net-worth individuals with private banking services conforming to the global standard together with IB.

Xue Ruifeng, General Manager of the Private Banking Department of IB, said that IB’s private banking would, based on its own model of consulting-driven development, rely on its own expert team and overseas strategic partners and establish a platform featuring professional consulting services and rich products, so as to offer all-sided and steward-oriented services to customers. With the cooperation with Lombard Odier this time, the Bank also hopes to make further exploration, establish more diversified and high-level business development models to keep improving the customer experience of private banking and achieve a win-win result for multi-party.