Bank Indonesia (BI) Prepare Private Banking Rules

Bank Indonesia (BI) will focus on the implementation of the principles of prudence in making new rules on wealth management. The new rules will be stipulated in Bank Indonesia Regulation (PBI).

Implementation of the principles of prudence is especially in running the private banking service. The new Regulation also expected to be a guide in the implementation of priority banking.

"PBI about the product [wealth management] already exists. Now, we make rules about how to run the private banking business which refers to the principle of prudence," said Deputy Governor of Bank Indonesia, Hadad Hadad, in between Indonesia Banking Expo event at the Jakarta Convention Center (JCC), Jakarta, Wednesday, May 11, 2011.

According to him, the new PBI will manage the risk management of wealth management products and the strengthening of internal controls for rich client products. "So, actually this is the prudential guidelines for private banking," he said.

Hadad explained, PBI is still to be evaluated in depth and new in some time to come will be published. "There are still covered, just wait in the near future," he said.

Meanwhile, President Director of PT Bank Mandiri Tbk, Zulkifli Zaini, say, freezing while private banking service is quite good. "There are issues in wealth management, then we introspection. If there are problems, internal control mechanisms were evaluated through the SOP (Standard Operating Procedure)," he said.

Zulkifli explains, banks can take the positive impact of the Citibank case. "With the Citibank incident, then all banks are required BI wealth management practice is healthy, so no break-ins occur," he said

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