Singapore’s OCBC Bank, through its subsidiary OCBC NISP, has launched onshore private banking business in Indonesia following receipt of regulatory approval.

OCBC NISP Private Banking will target high-net-worth Indonesian individuals with more than $1m in assets along with SMEs and large corporations.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

OCBC NISP president director Parwati Surjaudaja said: “We are pleased to offer our wealthy clients alternative wealth management and investment options to help them manage their funds with the launch of our private banking business today.

“The range of products and services that we are currently offering is just a start. We will be introducing more sophisticated solutions that are tailored to our clients’ unique wealth planning and investment needs as we grow our business.”

The new business will be led by a banker with over decades of experience in the industry, who will be supported by four other private bankers having an average experience of 18 years each.

Without disclosing details on the appointed bankers, OCBC said that the new team is expected to double in size by the end of the year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

OCBC Bank group CEO Samuel Tsien added: “This new business enables us to broaden our client coverage of high net worth individuals. We will leverage our strong product development, distribution and execution capabilities across the OCBC group to support this new customer segment in Indonesia, and are committed to investing further to strengthen the platform.”

In the recent times, OCBC has been ramping up its wealth management operations in Asia Pacific. The latest deal comes on the heels of OCBC’s announcement to acquire the private wealth businesses of NAB in Singapore and Hong Kong. In November 2016, the bank purchased Barclays Bank’s wealth and investment management operations in Singapore and Hong Kong.