When Vontobel signed a preliminary agreement with ANZ bank in Singapore this month, it brought together what appeared to be two unlikely financial partners.
Vontobel is a Swiss-based private bank with heritage stretching back to the 19th century. The other is a Melbourne-based banking group that generates almost 18 per cent of its profits from Asia, outside Australia and New Zealand.
But on closer inspection, the two banks need each other in the highly competitive world of Asian private banking, where there are many players – yet few, if any, with a sufficiently established regional brand to attract a critical mass of customers.
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