Lombard Odier, the Geneva-based private bank, cemented its latest onshore partnership in one of Asia's fastest growing wealth markets.
Lombard Odier inked a strategic agreement with Indonesia's Bank Mandiri, as finews.asia reported recently. The state-owned Indonesian lender will roll out discretionary management services for its wealthy clients onshore later this month, the Swiss bank said in a media statement.
Under Lombard Odier Asia head Vincent Magnenat, the Swiss private bank has been pushing further beyond Hong Kong and Singapore to get at the regions burgeoning wealth. Magnenat has led the Genevan privately-held firm into Thailand with Kasikornbank and the Philippines with UnionBank.
The Indonesian partnership will also see Lombard Odier work with Bank Mandiri in developing private banking expertise and services. «We believe clients want to be served locally and we are delighted to be supporting Bank Mandiri as it expands its onshore private banking offering,» Magnenat said.
