Two key reasons behind Bank Mandiri's plan to enter Singapore's private banking scene

One is the tax amnesty programme announced this year.

According to Bloomberg, PT Bank Mandiri, Indonesia's largest lender by assets, is set to wade into the cutthroat private-banking business in neighboring Singapore.

"The idea might seem a little ridiculous. Among the top 15 Asian private banks (excluding onshore wealth management in China), just three -- UBS AG, Citigroup Inc. and Credit Suisse AG -- control 46 percent of assets. Bit players like Australia & New Zealand Banking Group Ltd. are selling out. Even Standard Chartered Plc, which hopes to make it big, doesn't appear to be having much luck," said Bloomberg.

Two developments underlie Mandiri's jump outside its Indonesian bailiwick.

Find out here.

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