Singapore’s OCBC Expands Regional Footprint With Acquisition Of HSBC Indonesia’s Wealth And Retail Business |
Oversea-Chinese Banking Corp.—backed by Singapore’s billionaire Lee family—is buying the retail and wealth management business of HSBC in Indonesia, boosting its presence in Southeast Asia’s largest economy.
Under the deal, OCBC’s Jakarta-listed Bank OCBC NISP (OCBC Indonesia) will take on 336,000 customers and S$6.6 billion ($5.1 billion) in assets under management. The transaction value of the deal will be determined based on the net asset value of HSBC Indonesia’s retail and wealth management business when the deal closes in the second quarter of 2027, plus a S$480 million........