Indonesia is back
After a tumultuous period following the Indonesian tax amnesty of 2016-17, banks have stepped up hires for their onshore and offshore Indonesian business this year.
According to sources, Bank of Singapore has been looking for onshore bankers in Indonesia for the private banking business set up in 2017.
Among international players, Deutsche Bank, Credit Suisse, UBS, Julius Baer and Morgan Stanley have also been hiring for their offshore Indonesia teams. VP Bank hired Samuel Witjaksono as market head for Indonesia in February.
‘Indonesia is back in flavour because the amnesty is now in order,’ Jain said.
He added that banks have also been ramping up their search for relationship managers (RMs) to cover Thailand and the Philippines as international players start to penetrate the emerging markets.
Julius Baer, for instance, is hiring 20 bankers for its joint venture with Siam Commercial Bank. Credit Suisse recently obtained a licence to open a representative office in the Philippines and is expected to make further hires.
HSBC hired Paul Handley as a desk head for Thailand in Singapore in the second half of last year to start a new Thai team.