One of Indonesia's largest banks is teaming with a Swiss wealth manager on a product intended to bring wealth back home.
State-owned lender Bank Mandiri is set to collaborate with Lombard Odier, according to a report in Indonesian publication kontan.co.id (in Indonesian). The state-owned Indonesian lender and Swiss private bank produced an investment product for Indonesians who want to repatriate funds stored in Singapore, the outlet reported.
It is no secret that many rich Indonesians have banked their wealth in Singapore: last year, Indonesia's government said 4.88 quadrillion rupiahs ($3.54 billion) was brought to book during a nine-month amnesty. Most of the funds were held in Singapore – and continue to be. Only 147 trillion rupiah was repatriated back to Indonesia following the amnesty.
Progressing Positively
A spokeswoman for Lombard Odier said talks for a strategic partnership in Indonesia have «progressed positively,» and it plans to provide details next week.
Under local head Vincent Magnenat (pictured above) Lombard Odier has been pushing further beyond Hong Kong and Singapore to get at burgeoning wealth. Magnenat has led the Genevan privately-held firm into Thailand and the Philippines, for example.
Launched «Next» Week
In Indonesia, the Mandiri and Lombard Odier repatriation product is a mutual fund with various underlying assets, Mandiri banker Hery Gunardi said. The fund is set to be launched by the Indonesian bank next week. Lombard Odier didn't comment on the tie-up.
