Indonesia’s state banks eye bigger share of growing wealth market in Singapore

[JAKARTA] Bank Negara Indonesia (BNI) and Bank Mandiri, Indonesia’s state-owned banks, are pulling out all the stops to make their mark in Singapore’s competitive wealth management sector.

This comes as an increasing number of affluent Indonesian individuals and corporate clients funnel their assets into the city-state, tapping into a market estimated to be worth around 700 trillion rupiah (S$54.7 billion).

The move is part of a bigger picture to strengthen the bank’s ties with Indonesia’s expanding base of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), many of whom are spreading their financial wings and managing significant assets beyond Indonesia.