OCBC has announced that its Indonesian subsidiary, PT Bank OCBC NISP Tbk, has entered into an agreement to acquire the retail banking and wealth management operations of PT Bank HSBC Indonesia. This acquisition, finalised on 4 May 2026, involves the transfer of assets and liabilities from HSBC’s International Wealth and Premier Banking (IWPB) division in Indonesia. The transaction is expected to be completed by the second quarter of 2027.
The acquisition will significantly enhance OCBC Indonesia’s wealth management business by adding 336,000 customers and increasing its assets under management (AUM) by 25%. The total AUM to be transferred amounts to S$6.6b, comprising S$4.3b in investments and S$2.3b in customer deposits. Additionally, a retail loan book of S$0.3b will be included in the transfer.
The strategic acquisition aligns with OCBC’s Next Frontier Strategy, aimed at expanding its presence in Southeast Asia’s largest economy. Group CEO Tan Teck Long stated, “This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise.”
The transaction is internally funded and will not materially impact OCBC’s net tangible assets, earnings per share, or capital. OCBC Indonesia plans to work closely with HSBC Indonesia to ensure a smooth transition for customers and employees. Further details will be announced as the completion date approaches.
