Indonesia’s Bank Mandiri has signed a strategic partnership with Swiss private bank Lombard Odier to develop its private banking business through investment and family services.

Under the partnership, the Indonesian bank will launch onshore discretionary management services for its wealthy clients this month.

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The new service will provide varied risks profiles suited to the unique preferences of HNW and UHNW clients.

Bank Mandiri CEO Kartika Wirjoatmodjo said: “Through this partnership, we will be well-positioned to strengthen our position as the leader in Indonesia’s private banking industry, offering our HNW and UHNW private clients the unique combination of Lombard Odier’s global investment and wealth management expertise coupled with Bank Mandiri’s local knowledge and network.”

The latest deal forms part of Lombard Odier’s strategy to expand its network in Asia-Pacific. The bank partnered with Thailand’s Kasikornbank in 2014 to expand its footprint in South East Asia. In 2016, the Swiss bank signed a cooperation agreement with the Union Bank of the Philippines to expand its wealth and asset management business.

Lombard Odier limited partner and CEO of Asia Pacific Vincent Magnenat said: “This latest regional partnership with Bank Mandiri, the largest bank in Indonesia in terms of assets, reinforces our commitment to onshore private clients in the Asia region, particularly in Southeast Asia where we see great growth potential in terms of wealth management.

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“We look forward to offering Bank Mandiri’s Indonesian private clients access to our top-tier global investment solutions and well-established wealth management expertise.”