Winners rationale

More than a year after the conclusion of one of the most successful tax amnesties in recent history, the Indonesia International market is still feeling reverberations with investors consolidating their offshore relationships among a few best-in-class wealth managers. Credit Suisse, a major player in the space, has handled the after-effects of the amnesty with guile, taking the opportunity to ramp up collaboration between its investment and private banking businesses for greater focus without compromising the bottom line.

Although Credit Suisse continues to broaden its Indonesia footprint beyond traditional first-tier cities, the bank significantly consolidated client relationships and workforce in the Indonesia business by prioritising client segments where its offering could make a difference, such as entrepreneurs operating in key sectors in which the private and investment bank have a competitive advantage such as healthcare, pharmaceuticals, energy, fintech, and industrials. In 2018, the bank demonstrated its edge in the fields, evidenced by landmark integrated bank deals such as a share-backed loan for a listed oil and gas company and an IPO solution for a major hospital and medical service provider.

Consolidation aside, the bank positioned itself to hoover up next-generation client relationships given the imminent wealth transfer in one of Asia’s oldest wealth markets. In addition to attracting next-gen clients through its capabilities in sectors that are facing groundbreaking disruption, the bank is placing greater emphasis on wealth planning.

Despite a difficult year for transactional activities, Credit Suisse delivered positive growth in its recurring business while growing NNA strongly, with a sharper segmental focus backed by continued excellence in delivering both private and investment banking solutions.

Credit Suisse is Asian Private Banker’s Best Private Bank – Indonesia International for 2018.