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February 21, 2014updated 04 Apr 2017 2:29pm

Bank Victoria expands into wealth management business

Indonesia-based Bank Victoria International has expanded into the wealth management business to add income to its retail banking and fee-based services.

By Verdict Staff

Indonesia-based Bank Victoria International has expanded into the wealth management business to add income to its retail banking and fee-based services.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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Eko Gindo, president, director and CEO of Bank Victoria, told Jakarta Globe, that the bank’s entry in the wealth management business would be through partnerships with insurance companies.

He added that the bank aims to diversify its banking business for commercial lending and loans to small- and medium-sized enterprises.

"We hope the contribution of fee-based income will increase with the wealth management business," Gindo said.

Bank Victoria has partnered with Asuransi Jiwa Generali Indonesia to offer a life insurance product linked to investment, reported Jakarta Globe.

Gindo said that the wealth management business will contribute 5% to 10% of its fee-based income in the first year of operation and reach 20% by the third year.

Anthony Soewandy, deputy CEO of Bank Victoria, said that Bank Victoria is targeting IDR200 billion in premium income from bancassurance products with Generali.

Soewandy also said that the bank is also in the process of obtaining a license from the Financial Services Authority (OJK) to distribute mutual funds products through its branches.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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