Indonesia's largest bank by assets is reportedly planning a push into Singapore's wealth space.

Mandiri Bank is reportedly planning to open a branch in Singapore as it pushes into the private banking space to tap new wealth generated by Indonesia's tax amnesty scheme. 

Most of the offshore assets declared by Indoensian taxpayers during the amnesty programme, which ended 31 March, were held in Singapore (source: Reuters). 

Singapore and Indonesia said last week they were ready to share financial data automatically for tax purposes. The assets that were previously hidden in Singapore were valued at around $55.7 billion, according to Reuters. 

Both Singapore and Indonesia are signatories to the Automatic Exchange of Financial Account Information (AEOI). 

Mandiri is now eyeing Indonesian clients who have businesses in the country but use private banking services in Singapore, the bank's chief executive Kartika Wirjoatmodjo said. He added that Mandiri had recently hired two wealth managers in the city-state. 

"With the tax amnesty and AEOI, everything is open and transparent now," Wirjoatmodjo said. "Our hope is they don't have to put their money in Singapore banks any more, but rather in national banks." 

Currently, Mandiri has a Singapore branch that assists native and Indonesian companies with their working capital and project finance requirements, the bank's website states. 

Now, the lender will reportedly talk to Singaporean authorities about converting it into a “full branch” to offer a wider range of services, corporate secretary Rohan Hafas has reportedly said.