Next to BCA and BII, Bank Permata is also catering to this elite segment. Bank Permata has expanded its network by opening a new branch at Sunter Royal Jakarta to make it easier for clients in North Jakarta to access its wealth management products. The bank has also teamed up with the Astra Group to attract customers.
“With the extension of our networking, we are confident that it will be a positive contribution to both our company and Astra Group’s customers, who will get personalized service that is up to date and of high quality,” said Bank Permata director of wholesale banking Ongki W. Dana.
According to Ongki, Bank Permata presently has 5,000 premium clients with assets totaling Rp 8 trillion. The bank’s target for 2007 is an increase of between 12 and 15 percent and total funds of Rp 10 trillion. Of course, not only domestic banks are active in wealth management.
One foreign bank, HSBC, has launched HSBC Premier, while Standard Chartered Bank has Wealth Management Account. This priority banking product, launched in May 2001, has a minimum deposit requirement of Rp 100 million for individuals and Rp 150 million for corporations. Among the foreign banks, Citibank is the pioneer in priority banking.
The bank, with its local main office located in Jakarta’s Golden Triangle business area, calls its product Citigold Wealth Management Banking. There is a Rp 500 million minimum requirement. Some of the services include investment and financial management planning, exclusive use of Citigold Center, such as safe deposit boxes, special merchant discounts and invitations to exclusive programs and events, like fashion shows, music concerts and seminars.
Citigold Wealth Management Banking, which was launched in 2002 and currently has about 20,000 clients, is an extension of Citigold Priority Banking, a Citibank product first introduced in 1980.
While Priority Banking focuses on services with exclusive facilities, the Wealth Management focuses more on the management of clients’ funds deposited at the bank. Indeed, banks can no longer serve very wealthy clients with just a smile and a promise to understand their needs. Private banking here is more than 10 years old. What is required is more customer-oriented services rather than product oriented ones. Exclusive clients obviously need exclusive services.
They expect tailor-made products and facilities, not run of the mill products and service. Although many alternative investments are available on the market, what is most important is to fulfill a client’s financial plan and targets. (Burhan Abe)
The Jakarta Post October 07, 2007
