Haryanto Budiman is the new Indonesia country head at J.P Morgan, according to a statement the US bank made yesterday. He replaces Rizal Prasetijo, who has decided to take a more hands-on business role as head of Indonesian equities distribution, said a spokesperson.
Budiman’s formal title is managing director and senior country officer for Indonesia, and he will also be the head of global corporate banking in Indonesia. He joins from Bank Mandiri, where he was senior executive vice-president and member of the management board. He was in charge of the state-owned lender’s strategic initiatives, including looking for acquisition targets and alliances. He was also a member of Mandiri’s main credit committee.
Previously, he worked for McKinsey & Company in various consultancy roles across Asia-Pacific. He was educated in the US and has a doctorate from the Massachusetts Institute of Technology.
J.P. Morgan said that Budiman’s appointment “highlights the importance of the Indonesian market to our bank. The country continues to attract an increasing amount of foreign investment and companies in Indonesia require more sophisticated and integrated financial solutions”.
Indonesia has recently won investment-grade status from Fitch and Moody’s.
“[Budiman] brings with him over 15 years of experience in Indonesian banking and global management consultancy, providing J.P. Morgan with an invaluable global perspective coupled with deep local knowledge,” said Gaby Abdelnour, the Asia-Pacific CEO of J.P. Morgan.
Budiman will lead the strategic development of J.P. Morgan’s franchise in Indonesia, partnering with the local and regional leadership teams with the aim of delivering the bank’s global platform to its clients in the country across all lines of business. The bank employs around 100 staff in Indonesia, and Budiman reports directly to Abdelnour.
J.P. Morgan’s Asia-Pacific base is Hong Kong, and it operates 30 offices in 16 countries within the region. Its Indonesian business — in some incarnation — dates back to the 1920s.
More recently, J.P. Morgan was one of three bookrunners for Indonesia’s 30-year $1.75 billion bond issue last month.