(JAKARTA) "Standard Chartered plc" (Stanchart) plans to hire 100 relationship managers for its onshore wealth management business in Indonesia over the next one or two years, seeing this market as relatively untapped.
Wealth from Indonesia, South-east Asia's largest and fastest-growing economy, commonly moves offshore to centres such as Singapore, but Stanchart sees a surge in domestic markets serving as a magnet to keep more wealth onshore.
'We believe the Indonesia onshore market is big,' Lanny Hendra, general manager for wealth management in Jakarta, said in an interview on Friday.
'We think many foreign banks are not tapping the onshore market enough,' she said, citing Citigroup, HSBC and ANZ as its foreign competitors onshore.
Stanchart, which also offers offshore private banking services in Singapore, is targeting onshore wealth starting from the 'priority banking' level of US$50,000 in assets and upwards.
The bank has been marketing its services at shopping malls, looking for those who may never have used a wealth manager, in a country where there are only about 80 million bank accounts but 230 million people.
Most private banks in Singapore only deal with those individuals with over a million dollars in investible assets, and some, such as Morgan Stanley's wealth arm, focus on the ultra-high net worth segment with over US$10 million.
Offshore centres also offer a wider product range. Some local banks in Indonesia offer wealth management but many concentrate on loans and deposits, with Stanchart's advisers offering mutual funds, bonds and foreign currency transactions.
Source : Reuters – Business Times, 01.02.10.
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