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Mandiri to offer product for wealth repatriation from Singapore
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A teller at state-owned lender Bank Mandiri serves a customer at a branch in Central Jakarta. (JP/Dhoni Setiawan)
S
tate-owned lender Bank Mandiri in collaboration with Swiss Lombard Odier will introduce a new banking product on April 16 for Indonesians who want to repatriate their funds that are parked in Singapore.
“The product is in the form of a mutual fund with different underlying assets," said Bank Mandiri small business and network director Hery Gunardi in Jakarta over the weekend as reported by kontan.co.id.
He said there were many rich Indonesians who parked their wealth in the neighboring country despite many banks in Indonesia offering professional wealth management services.
He added that Swiss Lombard Odier manages private bank products that are sold in Singapore. Therefore, Bank Mandiri in cooperation with Swiss Lombard Odier wanted to provide a service for Indonesians who want to repatriate their funds, he added.
The Directorate General of Taxation said in April 2017 that as much as Rp 4.88 quadrillion (US$341.6 billion) in asset value was declared during the nine-month tax amnesty last year, but only Rp 147 trillion was repatriated. Most of the funds were parked in Singapore.
Hery said with the new product, the lender wanted to increase the assets it managed. He said the lender managed about Rp 175 trillion in funds. (bbn)
