BEST PRIVATE BANK – INDONESIA DOMESTIC
For the Indonesian wealth management space, 2016 was a formative year. A government-driven tax amnesty promises to provide impetus to an already-growing HNW population that is nearing 50,000, accounting for US$161 billion in wealth.
Indeed, Indonesia ranks among the leading countries in terms of HNWIs holding offshore investments – a fact that spells opportunity for a league of onshore private banks that, while in their early stages of development, are gradually developing core offerings that are comparable to their offshore institutions.
Bank Mandiri – one of the largest state-owned lenders in Indonesia – stands out from its domestic peers on account of its ambition to build out a sophisticated and full-spectrum private banking business that not only addresses the needs of domestic Indonesians but leverages synergies with its Singapore-based entities.
In 2016, Mandiri Private – the lender’s private banking service – demonstrated strong business growth across most key metrics, including near-double digit increases in funds under management and net new assets from existing accounts, while building its frontline headcount by almost 20% YoY and achieving a 100% retention rate.
Recognising the need for wealth planning and value-added services and the increasing sophistication of investor needs, Bank Mandiri has increased its core offering beyond traditional advisory to include tax consultancy and concierge services, while leveraging the group’s strong social media presence throughout Indonesia. And throughout the tax amnesty – which is scheduled to conclude in March 2017, Mandiri Private stayed close to clients by providing relevant day-by-day explanatory coverage and analysis.
“Bank Mandiri is committed to catering to the needs of high net worth individuals in Indonesia,” says Elina Wirjakusuma, senior vice president wealth management, PT Bank Mandiri (Persero) Tbk – Indonesia. “We will continue to pursue our goal to be the most preferred financial institution, not only in Indonesia, but also in South East Asia. We pay special acknowledgement to our customers, who have been the driving force behind our growth and improvement.”
Bank Mandiri is Asian Private Banker’s Best Private Bank – Indonesia Domestic for 2016.