OCBC Buys HSBC’s Wealth and Premier Banking Portfolio in Indonesia

The deal adds 336,000 customers and S$6.6 billion in AUM, and is the first major acquisition under OCBC’s new CEO

OCBC has agreed to acquire HSBC’s wealth and premier banking portfolio in Indonesia, adding significant scale to its Indonesian operation in a deal that reflects two converging trends: global banks retreating from retail in select markets, and Singapore lenders pushing deeper into Southeast Asia.

The transaction transfers HSBC Indonesia’s International Wealth and Premier Banking business to PT Bank OCBC NISP, the bank’s Indonesian subsidiary. The portfolio covers S$4.3 billion in customer investments across mutual funds, bonds and insurance, S$2.3 billion in deposits, a small retail loan book of S$0.3 billion, and approximately 1,300 staff. In total, it brings 336,000 new customers.

OCBC has not disclosed a final purchase price, but said the consideration will include a premium of up to S$480 million, to be confirmed at completion. The transaction will be funded internally by OCBC Indonesia and is expected to close in the second quarter of 2027. The bank said it expects the deal to be earnings accretive after completion, excluding one-off transaction costs.

The acquisition will increase OCBC Indonesia’s AUM by 25% and grow credit card balances by more than 150%.

For HSBC, the sale follows a strategic review of its Indonesian wealth and retail operations and forms part of a broader simplification of the group. HSBC said it remains committed to corporate and institutional banking in Indonesia.

The deal is the first major move by OCBC Group CEO Tan Teck Long since taking over in January, and builds on the bank’s 2024 acquisition of PT Bank Commonwealth Indonesia. Southeast Asia’s second-largest bank by assets is clearly accelerating its push to build scale in the region’s largest economy.