OCBC to Acquire HSBC Indonesia Retail Banking and Wealth Business
Strategic deal strengthens OCBC’s footprint in Southeast Asia’s largest economy and accelerates wealth management growth
OCBC
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Oversea-Chinese Banking Corporation Limited (OCBC) today announced that it has agreed to acquire the retail banking and wealth management operations of HSBC Indonesia, marking a significant step in its regional expansion strategy.
The transaction will see OCBC’s Indonesian subsidiary assume the assets and liabilities of HSBC Indonesia’s International Wealth and Premier Banking (IWPB) business. The acquisition includes approximately 336,000 customers and S$6.6 billion (US$4.9 billion) in assets under management (AUM), spanning customer deposits, investment products such as mutual funds, bonds, insurance offerings, as well as credit cards and retail loans. A smaller loan portfolio of approximately S$0.3 billion will also be transferred.
The final purchase price will be determined based on the net asset value of the business at completion, with an additional premium of up to S$0.48 billion, subject to adjustments. OCBC confirmed that the transaction will be funded internally and is expected to be completed in the second quarter of 2027, pending regulatory approvals.
Strengthening Presence in Indonesia
The acquisition underscores OCBC’s commitment to Indonesia as a key growth market and aligns with its broader strategy to enhance its wealth management capabilities across the region.
“IWPB Indonesia represents one of the largest foreign-owned retail banking and wealth platforms in the country,” OCBC said in its announcement. The business operates through 261 branches and has established a strong reputation in wealth management services.
Upon completion, the deal is expected to increase OCBC Indonesia’s AUM by approximately 25% and expand its credit card portfolio by more than 150%. In addition, around 1,300 employees from HSBC Indonesia are expected to join OCBC, further strengthening its talent base.
Group CEO Tan Teck Long noted that the acquisition supports the bank’s “Next Frontier” strategy, which focuses on deepening its regional presence and accelerating growth in its wealth management business.
“This transaction allows us to scale our operations in Indonesia meaningfully while enhancing our ability to serve customers with comprehensive wealth solutions,” he said.
About OCBC
OCBC is one of Asia’s leading financial services groups, with a strong presence in key markets including Singapore, Malaysia, Indonesia, and Greater China. The bank offers a broad range of financial services, including consumer, corporate, investment, and private banking, as well as insurance and asset management.
Oversea-Chinese Banking Corporation Limited (OCBC) today announced that it has agreed to acquire the retail banking and wealth management operations of HSBC Indonesia, marking a significant step in its regional expansion strategy.
The transaction will see OCBC’s Indonesian subsidiary assume the assets and liabilities of HSBC Indonesia’s International Wealth and Premier Banking (IWPB) business. The acquisition includes approximately 336,000 customers and S$6.6 billion (US$4.9 billion) in assets under management (AUM), spanning customer deposits, investment products such as mutual funds, bonds, insurance offerings, as well as credit cards and retail loans. A smaller loan portfolio of approximately S$0.3 billion will also be transferred.
The final purchase price will be determined based on the net asset value of the business at completion, with an additional premium of up to S$0.48 billion, subject to adjustments. OCBC confirmed that the transaction will be funded internally and is expected to be completed in the second quarter of 2027, pending regulatory approvals.
