OCBC Indonesia announced on May 4 that it will acquire certain assets and liabilities of HSBC's wealth and premier banking portfolio in Indonesia. [1] The portfolio includes S$4.3 billion of customers' investments, S$2.3 billion of deposits, and a S$0.3 billion retail loan book, based on unaudited figures as of December 31. [1]
The deal will bring about 336,000 customers and roughly 1,300 staff to OCBC Indonesia, increasing its assets under management by about 25% and credit card balances by more than 150%. [1] The acquisition adds S$6.6 billion (US$5.2 billion) in assets under management to OCBC's Indonesian operations. [1]
The purchase price will be finalized after completion and is expected to include a premium of up to S$480 million. [1] OCBC Indonesia will fund the acquisition internally. The transaction is expected to close in the second quarter of 2027. [1]
HSBC’s sale is part of a strategic review to simplify its Indonesian business and focus on corporate and institutional banking, where it plans to continue growth. [1] OCBC’s move builds on its previous expansion in Indonesia, following its acquisition of PT Bank Commonwealth Indonesia in 2024. [1]
This marks the first major deal for OCBC Group CEO Tan Teck Long since he assumed the position in January 2026. [1]
The acquisition aims to boost OCBC’s scale in an important market and offers a significant increase in its wealth management and credit card portfolios in Indonesia. [1]
