Depending on who one talks to, Indonesia, with an estimated US$106 billion in onshore wealth, may well be the “next big thing”. Private banks with a dedicated on-the-ground presence will undoubtedly be buoyed by industry predictions that, by 2015, the archipelagic state could have tripled its share of high net worth individuals to 104,000 persons, and quadrupled this segment’s wealth to US$518 billion. Moreover, a rapidly expanding consumption class, propelled by steady gross domestic product growth, 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 President Yudhoyono pursuing nationwide infrastructural upgrades in order to increase Indonesia’s foreign investment allure, the country seems poised to become one of the region’s key wealth management hubs.
Recognising that the key to success in this competitive space is maintaining a dedicated, tailored presence, Asian Private Banker judges Credit Suisse to be Indonesia’s best private bank for the second consecutive year. Indeed, 2012 has brought Credit Suisse double-digit growth in its net new assets and asset base, while collaboration revenues generated through providing cross-divisional solutions to Indonesian clients have, also, more than doubled.
Notable, therefore, is the Swiss giant’s sense of dedication to emerging markets, and Indonesia in particular, where its integrated banking strategy allows Credit Suisse to deliver to its Indonesia clients its best solutions and services from across the organisation.
“Credit Suisse has a strong and long-standing presence in emerging markets and Indonesia is an important one,” confirms Francesco de Ferrari, Head of Private Banking Asia Pacific at Credit Suisse. “With emerging markets’ share of the world’s wealth rising strongly and continuously, we have a very positive view of our businesses serving Indonesian clients.”