Market Leader Indonesia, Private Banking Asia Pacific
One of the more mature wealth management markets in Southeast Asia, Indonesia nonetheless has tremendous growth potential, enjoying a 17% increase in its high net worth population and a 19% increase in that segment’s wealth this year. Indeed, industry predictions say the nation’s HNW population will reach 104,000 with US$518 billion in wealth by 2015. Moreover, a rapidly expanding consumption class, propelled by GDP growth of 5.7% this year, will certainly be a boon for Indonesia’s nascent, domestic financial services industry, with one recent report suggesting financial services spending could reach US$565 billion by 2030. And with a demonstrated national commitment to attracting foreign investments, primarily through wide-scale infrastructural upgrades, the country is well-poised to live up to its wealth management potential.Able to leverage on its rich history and deep roots in the archipelagic state, Credit Suisse stands ready to make the most of Indonesia’s growing fortunes. Indonesia is ingrained in Credit Suisse’s DNA as an integrated ‘one bank’ offering, combining its private banking and investment banking services in the market. Its global and regional senior managers have a unique understanding of the market thus making it the deserved winner Asian Private Banker’s award for Best Private Bank – Indonesia for the third consecutive year.
Further demonstrating its commitment to the region, Credit Suisse has deployed as much as 10% of its frontline banking staff in Asia to cover the Indonesian market. The investment has paid off and the bank has steadily increased AUM by 10% every year from 2010 to 2013 with heavy penetration into the billionaire population.
Credit Suisse’s ability to provide onshore investment banking services in Indonesia was also a differentiator because it has allowed the bank to transcend simple portfolio management and provide sophisticated structuring and lending solutions to clients, including equity and debt financing and mergers and acquisitions. The upcoming elections this year are expected to spur investments and thus deal-flow, and it is likely the private bank will benefit from Credit Suisse’s ability to advise on these deals.
Combining an enviable network amongst the region’s wealthy and a superior ability to service their needs, Credit Suisse has emerged as the clear winner of the award for Best Private Bank – Indonesia.