Indonesian mandate for Deutsche Bank 30 July 2015Jakarta Reporter: Stephanie Palmer
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Deutsche Bank has been appointed as custodian bank for life, health and accident insurance provider PT Asuransi CIGNA, in Indonesia.
The bank will provide safekeeping, fund administration and settlement services for CIGNA’s unit linked funds (ULFs) Cigna Money Market Fund and Cigna Dynamic Click Fund. It already services 18 of CIGNA’s other funds of this type.
PT Asuransi CIGNA is part of CIGNA’s Indonesian expansion, and now has more than a million policyholders.
David Anthony Tobin, chief financial officer at PT Asuransi CIGNA, said: “We are very pleased to be working with Deutsche Bank again for ULFs. The fact that we are moving all of our ULFs to Deutsche Bank is testament to Deutsche Bank’s service quality and the expertise of their team.”
Deutsche Bank is one of the largest custodians in Indonesia by assets under custody, and the largest domestic fund services provider in the Indonesian market
Elwin Karyadi, director and head of global transaction banking and investor services in Indonesia at Deutsche Bank, added: “We are honoured to have been appointed as sole custodian and fund administrator for all of CIGNA’s ULFs. This mandate exemplifies the success of our client-centric approach and builds on our track record in servicing companies within the insurance sector in Indonesia.”
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