JAKARTA: Bank Indonesia revoked suspension regarding the addition of rich clients on priority banking and managed fund starting from June 3, 2011.However, the service network is still limited since a number of branch offices havent fulfill the regulators requirements.Bank Indonesia (BI) Deputy Governor Halim Alamsyah said that not all banks are ready 100% with one month time limit given to improve service and infrastructure of priority banking or wealth management.Several banks are ready 100% while others only 60% and 40% so not all of them fully operated since it depends on its readiness, he said after attending annual meeting with Indonesia Economist Association 2011, Wednesday.Suspensions against 23 banks were revoked entirely but for branch offices that are not ready to serve because such improvements not yet completed is still prohibited to operate.Evaluation and verification conducted by Central Bank shows that only 60% of branch offices that are ready to perform service priority banking or wealth management while 40% others still have to make improvements.In 29 April, BI temporary suspended the addition of new customer following special inspection conducted against 23 banks having priority banking or wealth management, which was applicable since May 2 until June 2, 2011.Priority banking is special services given to rich customers with additional facilities such as airport lounge and separated counter to avoid queue. Bank usually sets the customer criteria with minimum fund such as IDR200 million, IDR500 million and IDR1 billion.Meanwhile, wealth management is fund management services for top customers to conduct investment, which is usually provide investment manager to give advices in investing fund.Such suspension also conducted to improve service quality, security and protection to customer following the embezzlement of customers fund conducted by Citibanks Citigold Relationship Manager, Melinda Dee.BI said in written statement that wealth management services can be active again on June 3, 2011. Its applicable for bank that has already conducted improvements and has the readiness of policies, systems and procedures, and supervision.However, bank that has not completed the evaluation against its branch office that serve wealth management can only accept new customers with limited basis in branches that have been completed the evaluation.Meanwhile, Bank that still has weakness in policies, systems and procedures, and internal supervision is still prohibited to add new customer.BIs Head of PR Bureau Difi A. Johansyah said that banks have difficulties in providing CCTV camera and equipping the officer who handles wealth management services with a certificate of Mutual Funds Representative Sales Agent (WAPERD) from the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).PT Bank Negara Indonesia Tbk Director of Consumer and Retail Darmadi Sutanto admitted such difficulties and added that certification administration is currently still very limited.Such certification is still limited since it only has one administrator and it conducted less often, he added.PT Bank Central Asia Tbk Vice President Jahja Setiaatmadja said the company has conducted certification against most of the officers that handles wealth management services. (t06/msw)

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