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Lombard Odier inks PB deal with Indonesian bank

Lombard Odier inks PB deal with Indonesian bank

Lombard Odier is further expanding presence in Asia to offer onshore risk-based investment solutions and wealth management expertise in Indonesia.

The Swiss private bank has signed an agreement with Indonesian lender, Bank Mandiri, to support the latter’s efforts to develop its private banking arm through investment and family services.

A complete offering of onshore discretionary management services for high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients will be launched by Bank Mandiri this month.

Vincent Magnenat, limited partner and Asia Pacific CEO of Lombard Odier said Indonesia is an exciting market in terms of onshore wealth management. He said Southeast Asia in particular is where the group sees great growth potential.

'Lombard Odier believes the future of private banking is onshore. As such, we have built alliances across Asia Pacific aimed at supporting efforts by local players to develop strong private banking businesses as changing regulation ramps up a shift to keep assets onshore,' Magnenat told Citywire Asia

This agreement marks the latest in a series of onshore partnerships forged since 2012 to expand Lombard Odier’s client base in the Asia-Pacific region.

In August 2016, it signed a partnership with UnionBank in the Philippines and Kasikornbank in Thailand in December 2014.

In addition to these Southeast Asia-focused partnerships, Lombard Odier has also forged alliances with financial firms in mainland China, Japan, South Korea and Australia.

'Our partnerships to-date and our relationships with UnionBank in the Philippines and Kasikornbank in Thailand continue to be very strong.

'Like everything we do, we are in this for the long-term game,' Magnenat concluded.

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