Indonesia's Bank Victoria International is venturing in to the wealth management arena, as the bank opens its first WM branch in the Greater Jakarta area.

Bank Victoria International, a small-size Indonesian lender, is venturing in to the wealth management arena, as the bank announced the opening of its first wealth management branch in the Greater Jakarta area.

At a press conference, the firm said the move will add income to its retail banking and fee-based services, which generally have generated losses and otherwise small profits over recent years.

The move will expand the business significantly, as it has focused on products such as accounts, loans, money markets, bill payments and automatic deposits since its launch in 1992.

Since then, the firm has grown, adding the banking subsidiary, PT Bank Victoria Syariah in 2011. In this respect, Bank Victoria also announced its second partnership with Asuransi Jiwa Generali Indonesia, which would allow the insurance company access to the bank’s 6,000 affluent clients.

The firm currently has one branch office and 64 sub branch offices throughout Indonesia. As at 30 September 2013, the bank had IDR492,806.6790 ($417.209) in revenues and a net income of IDR78,318.6430 - a 55 per cent gain since the previous quarter.