Winners rationale

2017 was a seismic year for regularisation in Indonesia with the government concluding what is widely referred to as the largest and most successful tax amnesty of its kind. Those HNWIs that are now re-engaging with Indonesia’s domestic private banking industry will derive significant confidence from the fact that Bank Mandiri – a true pioneer of the country’s private banking industry – continues to go from strength to strength.

In 2017, Bank Mandiri’s Mandiri Private services, available to clients with funds placement in excess of IDR 20 billion, outshone its competitors on a number of fronts. Not only does it boast an industry-leading products and services platform backed by Mandiri Group and partners – clients have access to a full suite of best-in-class mutual funds, retail brokerage, government bonds, and treasury products – but it also deploys solutions on a systematic, asset allocation basis – a hallmark of any true wealth manager.

Bank Mandiri’s wealth planning services also deserve special mention. Mandiri Private truly stands by its clients throughout all life stages, with an emphasis on preparing families for wealth succession. Mandiri Private clients also receive access to dedicated external specialists, including tax consultants to aid in strategic wealth structuring, as well as exclusive debit and credit cards embedded with concierge services.

In addition, Mandiri Wealth Management launched its first Mandiri Private office in Jakarta opened in September 2017, providing clients with a dedicated facility to make transactions and meet with RMs, or simply to use the lounge and meeting room for their purposes – a leap in terms of private banking services within its vicinity.

Bank Mandiri continues to pour resources into its staff training, obligating all Mandiri Private relationship managers to undergo certification across various fields, including risk management, insurance and mutual funds selling. And as of the end of 2017, the majority of its frontline had 6-10 years experience in the industry.

All this translates into another stellar year for Bank Mandiri’s private banking business, which recorded strong business performance in terms of funds under management growth, net new assets inflows, revenue growth, and PBT. Client numbers have also swelled, which is perhaps the most compelling evidence that Bank Mandiri remains without peer.

Bank Mandiri is Asian Private Banker’s Best Private Bank – Indonesia Domestic for 2017.