The Jakarta Post
State-owned lender PT Bank Mandiri and Europe’s largest and oldest asset management company, Lombard Odier, announced a strategic partnership on Monday to attract more offshore funds.
Under the partnership, the bank through its subsidiary, Mandiri Wealth Management, offers a more diversified and sophisticated portfolio to attract asset repatriation.
“Both Lombard Odier and Bank Mandiri have mutual objectives. We want to develop our wealth management business and Lombard Odier wants to develop its business in Indonesia,” said its small business and network director, Hery Gunardi, at a press briefing on Monday.
“We have similar approaches and business models to maintain best practice to expand our markets.”
Meanwhile, Lombard Odier Asia Pacific CEO Vincent Magnanet said Indonesia was the fourth country in Southeast Asia in which the company wanted to expand its businesses after Singapore, Thailand and the Philippines.
“Indonesia is a really exciting market in terms of onshore wealth management and we are delighted with the launch of this partnership,” Magnenat added.
He believed that the top 20 private banks in Asia managed less than 20 percent of HNW financial assets, with the remainder sitting with local banks. (bbn)
An earlier version of this article misstated that Lombard Odier Asia Pacific CEO Vincent Magnanet said 20 percent of assets belonging to Indonesia’s wealthiest citizens were still kept in offshore accounts, despite the recent tax amnesty. The correct statement should have been: “He believed that the top 20 private banks in Asia managed less than 20 percent of high net worth financial assets, with the remainder sitting with local banks.”