Indonesia’s Bank Mandiri wants to develop a foothold within Singapore’s private banking space, according to local reports.
This follows the recent reforms in Indonesia, including the tax amnesty in 2016, which has resulted in HNW Indonesians being more open to banking with local institutions.
Mandiri operates in Singapore under an offshore banking licence from the Monetary Authority of Singapore.
Reports said it plans to apply for another licence to run private banking operations.
It opened its securities subsidiary, Mandiri Securities Singapore, in October 2016.
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