Oversea-Chinese Banking Corp (OCBC) has agreed to acquire the retail and wealth management assets of HSBC Holdings Plc in Indonesia, strengthening its presence in one of Southeast Asia’s fastest-growing markets.
In a statement, OCBC said the purchase consideration will be based on the net asset value of HSBC Indonesia’s International Wealth and Premier Banking businesses, along with a premium of up to S$0.48 billion (approximately US$376 million or RM1.5 billion). The transaction is expected to be completed by the second quarter of 2027.
The assets to be transferred include a total of S$6.6 billion under management, comprising S$4.3 billion in customer investments such as mutual funds, bonds and insurance products, S$2.3 billion in deposits, and a S$0.3 billion retail loan portfolio.
HSBC said the divestment is part of its broader strategy to streamline operations and focus on areas where it has a stronger competitive advantage. The bank will continue to grow its corporate and institutional banking business in Indonesia.
OCBC currently operates in Indonesia through its Jakarta-listed subsidiary, PT Bank OCBC NISP Tbk, and has expanded its footprint in the country through both organic growth and acquisitions, including the purchase of PT Bank Commonwealth Indonesia in 2024.
The latest deal marks the first acquisition under OCBC’s new chief executive officer, Tan Teck Long, as the group looks to further expand across Asia, with a focus on growing its affluent and private banking segments.
Indonesia continues to attract regional and global banks seeking growth opportunities, as institutions reposition their portfolios and strengthen their presence in key markets across Southeast Asia.
