OCBC has outbid several major banks to acquire HSBC's retail and wealth business in Indonesia by a wide margin, surpassing the next highest offer by about US$100 million or more [1, 2, 3, 4]. The acquisition will include HSBC Indonesia’s International Wealth and Premier Banking operations.
The transaction valuation is based on HSBC Indonesia’s net asset value plus a premium of approximately S$480 million (US$376 million) [1, 2, 3, 4]. OCBC’s strong offer allowed it to enter bilateral talks to finalize the terms of the deal [1, 2, 3, 4]. The final price could be adjusted and is subject to regulatory approval, with completion expected potentially in the first half of 2027 [1, 2, 3, 4].
OCBC plans to retain the roughly 1,300 staff currently working in the HSBC Indonesia retail banking operations as part of the agreement [1, 3, 4]. Other bidders that were shortlisted included DBS Group Holdings, United Overseas Bank, Malaysia's CIMB Group, and Japan’s Sumitomo Mitsui Financial Group [1, 2, 3, 4].
The acquisition aligns with OCBC’s strategy to increase its footprint in Southeast Asia’s largest economy. It also supports the bank’s efforts to expand private banking services in Indonesia and to serve affluent segments in Hong Kong [1, 3, 4]. OCBC has previously grown in Indonesia both organically and through acquisitions, including its purchase of Commonwealth Bank of Australia’s local unit in 2024 [1, 3, 4].
OCBC announced the agreement on May 4, 2026, marking a key step in this expansion effort [2]. The deal is expected to close in the first half of 2027 after completing regulatory reviews and adjustments [1, 2, 3, 4].
