Strategy
VP Bank Deepens Hywin Ties

The pact gives the European bank an increased Asian wealth management market. The agreement caters to the demands of wealthy Chinese for sophisticated services offshore.
Liechtenstein-based VP
Bank and its sister businesses have signed a cooperation pact
with Hywin Wealth
Management and associated entities to build an offshore
platform pitched at wealthy Chinese clients.
As part of the process, VP Bank is to acquire a 3.4 per cent
stake in Hywin Holdco, a Nasdaq-listed structure, VP Bank said in
a statement yesterday.
“VP Bank Ltd (Liechtenstein), Hywin Wealth Management Co (China)
and its subsidiary Hywin Asset Management (Hong Kong) among
others, signed a cooperation agreement to jointly establish
through Hywin's Hong Kong entity a collaboration platform to meet
the demands of wealthy Chinese for sophisticated wealth
management services offshore,” the bank said.
“The strategic nature of the partnership is further strengthened
by VP Bank’s participation in the equity fundraising activities
of Hywin Holdings,” it said.
The move comes after VP Bank and the Hywin entities signed a
memorandum of understanding in July 2019.
"Asia represents a top priority in our Strategy 2026. The
outstanding collaboration with Hywin and the participation in the
equity fundraising activities of Hywin Holdco provide us with an
excellent opportunity to successfully continue VP Bank Group's
Asia momentum,” Paul H Arni, chief executive of VP Bank Group,
said. “Combining our proven strength and experience in servicing
financial intermediaries with the strengths of Hywin as a valued
wealth manager for Chinese clients offers us attractive
opportunities."
Hywin Wealth and VP Bank will increase cooperation over
investment management and custody of client assets of Hywin Hong
Kong and/or its affiliates.
The bank said it will “immediately benefit from access to Hywin
Wealth's vast client base.”
"We will now be able to follow and service our clients more
closely in their international aspirations and accelerate our
mission to become a wealth manager of the highest international
standards", Wang Dian, CEO of Hywin Wealth, said.