Best domestic private bank in Indonesia 2022
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Best domestic private bank in Indonesia 2022

Bank Rakyat Indonesia

Highly Regarded

  • Bank Mandiri
  • Bigger isn’t necessarily better in the banking world as fintech startups capture investors’ imaginations. Yet Bank Rakyat Indonesia, the country’s biggest bank by assets, stands out for reminding Indonesia that it can adapt and stay relevant in the tech unicorn age.

    That reminder comes across in the numbers as the wealthiest of Indonesia’s 273 million people continued to entrust BRI with their money. During the lockdowns and market turbulence of 2021, fee-based income revenue at BRI’s private banking operations grew 25%, year on year, to $32 million. Assets under management inched up 1% to $10 billion.

    More important, given the broader context, is that the number of clients rose 21% from the previous year to 95,000, showing that BRI’s wealth management philosophy is gaining steady ground.

    Founded in 1895 and ubiquitous in the world’s fourth-most populous nation, BRI is a part of Indonesia’s history. It was known for serving rural communities and providing microfinance. But in its private banking model, it is far more egalitarian than its peers.

    BRI wealth management is positioned to not only serve the affluent, but to help all Indonesians gain wealth. Unlike other wealth advisers, even in Indonesia, BRI serves not just the high net worth segments, but the mass citizen segment.

    One of BRI wealth management’s main advantages is its overwhelming name recognition. The broader bank, after all, boasts more than 130 million customers in a country whose population is close to 280 million. BRI has more than 9,000 branches, and loads of sub-branches, across 34 provinces; it has a 600,000-strong sales force around the archipelago.

    Equally important, BRI wealth management operates in the circles of the largest state-owned financial conglomerates of Indonesia. These groups have capabilities ranging from venture capital and securities firms to insurance and investment management companies. It gives BRI access to privatization deals.

    BRI’s relationships with the private sector are just as deep. That means exclusive access to venture capital funds supported by BRI Ventures – and most tech IPOs hitting the market.

    BRI is using technology to close the circle. The wealth management team is developing platforms equipped with artificial intelligence capabilities to arm relationship managers and clients alike with the most up-to-date information, investment strategy and any risk that might come Indonesia’s way.

    The more seamless and inclusive the digital journey, the better for all Indonesians.

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