PT Bank Mandiri teams up with Lombard Odier to boost offshore business

The bank’s subsidiary will offer a more diversified portfolio to lure asset repatriation.

PT Bank Mandiri has partnered with European asset management company Lombard Odier to offer onshore wealth management products.

The bank, through its subsidiary, Mandiri Wealth Management, will offer a more diversified and sophisticated portfolio to attract asset repatriation, according to local media reports.

“Both Lombard Odier and Bank Mandiri have mutual objectives,” said PT Bank Mandiri small business and network director, Hery Gunardi. “We want to develop our wealth management business and Lombard Odier wants to develop its business in Indonesia.”

“Indonesia is a really exciting market in terms of onshore wealth management and we are delighted with the launch of this partnership,” Lombard Odier Asia Pacific CEO Vincent Magnenat said.