Banks shower services and amenities on VIP clients

Special banking services packages are being offered by commercial banks to their ‘first class’ clients.

Special services for VIPs

A car stopped in front of the Dinh Tien Hoang Branch of Dong A Bank (DAB). A man got out of the car and showed a thin card. Immediately he was welcomed respectfully by bank’s staff and whisked to the ninth floor of the building where he could make transactions immediately, spared the need to queue up like the dozens of ordinary clients in the lobby below.

In a room on the ninth floor, the VIP customer explained his requirements for a financial transaction to three young women. One of them poured out the wine he likes into a glass. Another girl went to arrange the transactions for him, while the third listened attentively to his complaint that he still cannot find the best way to use his gold assets.

The client left the bank branch 15 minutes after he arrived, his business done.

As a VIP client of DAB, he can enjoy a lot of preferences offered by the bank and he is served by its most professional officers. If he has complaints, they’ll be addressed immediately. If he wants to make transaction without having to leave home, he can call the officers on a direct line.

DAB is one of several commercial banks that have introduced product packages reserved for VIP clients over the last few months. The Hong Kong and Shanghai Banking Corporation (HSBC), a foreign-owned bank, has recently begun “conquering” Vietnamese upper-class clients with a luxury floor reserved for VIP clients. Clients who flash a VIP card provided by HSBC Vietnam are automatically recognized as VIP clients in other countries. They can make transactions at HSBC banks worldwide.

The services and amenities offered to VIP clients are proliferating. For example, they can have credit cards that allow them to purchase goods at 19,000 shops in 160 countries. They can get $2000 on account in case of emergency.

Only one or two banks so far provide Platinum credit cards, the kind of card with the highest credit limit and privileges. For example, with the Visa Platinum Sacombank, cardholders are eligible for $500,000 in tourism insurance. Sacombank’s VIP clients can get a lot of help booking air tickets and hotel rooms, hiring limousines, hiring interpreters, following customs procedures and other information services. If they want to play golf, they enjoy discounted greens fees at 200 golf courses worldwide.

Who are these VIP clients?

Dong A Bank now counts 1000 VIP clients in HCM City and 772 in Hanoi. There are several ways to become a VIP client. A savings account with two billion dong in a saving account will do it. Or, a VIP client may be a Dong A Bank shareholders with two billion dong worth of the bank’s shares. Or, VIP status may be conferred on submission of evidence that monthly income is 70 million dong or more.

At HSBC, one needs to have one billion dong or $50,000 in an account to become a VIP client. At Sacombank, monthly income of 60 million dong or higher qualifies a client for ‘platinum’ status.

Trinh Thuong Thuc at Vietcombank HCM City, says that Vietcombank has issued 40,000 American Express cards. Card holders mostly are high ranking businessmen. “The average transaction made by the VIP clients is 50 percent greater than the transactions of normal clients,” Thuc explained.

Visa International reports that one million Visa cards have been issued in Vietnam so far this year.

Tom Tobin, Chief Executive Officer of HSBC Vietnam, estimates that about ten percent of clients who have deposit accounts in Vietnam are high grade clients who now demand premium services.

Dong A bank says it will have 30 more transaction points for VIP clients this year. ANZ says it also will launch a new product for VIP clients. – Saigon Tiep thi

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Posted by VBN on Jul 30 2010. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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