Credit Suisse
When a bank says that 70% of the billionaires on the Forbes Indonesia list are customers, you know its services are top notch. That’s the kind of reputation Credit Suisse, winner of best private bank 2019, has with its clients.
That roster of high-profile clients means Credit Suisse has a share of wallet of more than 10% in the country. And under Benjamin Cavalli, Singapore chief executive and head of private banking for southeast Asia, the bank’s business has gone from strength to strength.
Assets under management in Indonesia increased 13% in the first quarter of 2019 from a year ago, while net new assets increased a whopping 546% year on year as of May. Net revenues showed a 5% compound annual growth rate over a four-year period.
Credit Suisse’s enviable model of investment banking-private banking collaboration works in Indonesia too. Repeat clients have been key here, with the bank working on numerous deals for companies such as the Rajawali Group, Medco Energi Internasional, Gajah Tunggal and Sinarmas, as well as the Lippo Group, CT Corp and Bumi Resources.
The bank also claims to have relationships with around 60% of ultra-high net-worth Indonesian family businesses listed on Globe Asia’s list of Jakarta 150.
Credit Suisse’s private bank has a niche in Indonesia as competition for the kind of clients it works with is limited. And the fact that it is expanding slowly but steadily outside the capital of Jakarta could give a further lift to its business. The bank’s firm grip in the private banking industry looks sustainable.