DBS Group Holdings, Southeast Asia’s biggest lender, said about 23 banks were ordered by Indonesia’s central bank to stop adding wealthy clients for a month.
Bank Indonesia conducted an industrywide exercise and asked all banks to stop acquiring premium or high-value customers for the next month, DBS Chief Executive Officer Piyush Gupta said today at a briefing in Singapore. The order goes into effect May 2, Karen Ngui, a spokeswoman for DBS, said at the same briefing.
Bank Indonesia conducted an industrywide exercise and asked all banks to stop acquiring premium or high-value customers for the next month, DBS Chief Executive Officer Piyush Gupta said today at a briefing in Singapore. The order goes into effect May 2, Karen Ngui, a spokeswoman for DBS, said at the same briefing.
“They’ve asked all banks to review their entire customer acquisition process and strategy,” Gupta said. “Once they’ve given everybody a clean bill of health, they’ll sort of reopen the spigot.”
There are 60,000 millionaires in Indonesia and the total wealth in the country stood at US$1.8 trillion ($2.21 trillion) in 2010, according to Credit Suisse Global Wealth report released last year. Indonesia’s average wealth per adult has increased the fastest in the Asia-Pacific region since 2000, growing fivefold to US$12,112, according to the report.
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