The deal involves a total consideration of about $375 million. OCBC said the business is highly complementary to its existing operations in Indonesia.

OCBC announced yesterday that its Indonesia subsidiary has agreed to buy HSBC Indonesia’s retail and wealth management operations in Indonesia. The deal involves a consideration of about S$480 million ($375.7 million), subject to adjustments.

This International Wealth and Premier Banking (IWPB Indonesia) business offers customer deposits, investment products covering bonds, mutual funds and insurance, credit cards and retail loans.

When oneoff transaction costs are taken out, the transaction will be earnings accretive to OCBC after completion, which is expected in the second quarter of 2027, the Singapore-headquartered group said in a statement. 

The total assets under management to be transferred stand at S$6.6 billion ($5.16 billion). A small customer retail loan book of S$0.3 billion will also be transferred.

OCBC said the deal with HSBC is a “strategic acquisition to power wealth ambitions.”

The Indonesian bank services 336,000 individuals across 261 branches; the business is “highly complementary” to OCBC’s franchise, OcBC said.

When the deal is completed, OCBC said it will boost OCBC Indonesia’s AuM by 25 per cent and add about 1,300 staff in the country.

“This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise,” Tan Teck Long, group CEO of OCBC, said. “It follows our successful 2024 acquisition and integration of PT 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.”

OCBC Indonesia is paying for the deal from its own resources and does not expect the transaction to affect the net tangible assets, earnings per share and capital of OCBC.

HSBC issued its first-quarter 2026 results today as of the time of going to press. 

(Main photo shows Jakarta.)