OCBC expands Indonesia wealth ambitions with HSBC retail banking acquisition

OCBC is stepping up its push into Indonesia’s high-value banking segment, announcing the acquisition of International Wealth and Premier Banking (IWPB) operations from HSBC Indonesia.

The deal, executed through OCBC Indonesia, will see the transfer of assets and liabilities tied to HSBC’s retail and wealth portfolio, adding 336,000 customers and S$6.6 billion in assets under management (AUM). Completion is expected in the second quarter of 2027.

At its core, the acquisition is less about scale for its own sake and more about sharpening OCBC’s positioning in Indonesia’s increasingly competitive wealth segment. IWPB Indonesia has built a premium, globally connected offering – spanning deposits, investment products, insurance, credit cards, and retail loans.

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For OCBC, this aligns neatly with its ambition to deepen customer relationships through a “whole-of-wealth” model, integrating banking, private banking, and insurance into a single ecosystem. The addition of HSBC’s portfolio is expected to lift OCBC Indonesia’s AUM by around 25% and expand its credit card balances by more than 150%.

The deal also brings in approximately 1,300 employees. By combining capabilities across OCBC, Bank of Singapore, and Great Eastern, the group is effectively building a multi-layered proposition that spans mass affluent to ultra-high-net-worth segments.

“This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise. It follows our successful 2024 acquisition and integration of Bank Commonwealth Indonesia, in further expanding our market penetration in Southeast Asia’s largest economy. Indonesia is a long-term commitment, and a key growth market,” said Tan Teck Long, group CEO of OCBC.

“The large deposits base of S$2.3 billion with sizable CASA balances is attractive in providing stable low-cost funding for our Indonesian franchise and significant opportunities for wealth management,” he added. “We look forward to serving HSBC Indonesia’s retail and wealth customers and welcoming our new colleagues to the OCBC family.”

OCBC Indonesia has indicated it will work closely with HSBC Indonesia to ensure a smooth migration of both customers and employees, with further details to be shared closer to completion.

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