business / news / / CNA
OCBC has agreed to acquire certain assets and liabilities of HSBC's wealth and premier banking portfolio in Indonesia.
OCBC Indonesia will acquire HSBC Indonesia's wealth and premier banking portfolio, adding 336,000 customers.
KEY POINTS
- The transaction adds S$6.6 billion in assets under management and about 1,300 new staff to OCBC Indonesia.
- OCBC expects the deal to increase its Indonesian AUM by 25% and credit card balances by over 150%.
- The acquisition will be funded internally and is expected to close in Q2 2027.
- This is OCBC CEO Tan Teck Long's first major acquisition since his January 2024 appointment.
COMPANIES
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