OCBC is preparing to double its wealth advisory workforce in Indonesia to 400 relationship managers by the end of 2026, following its agreement to acquire HSBC Holdings' retail and wealth operations in the country. Parwati Surjaudaja, head of OCBC Indonesia, said the increase will come from new recruitment and internal redeployments, with client assets having grown about 11% year-on-year to RP127tn, or $7.1bn. Chief executive Tan Teck Long has identified services for affluent Indonesians as a main growth priority, and Parwati noted that most wealthy Indonesians prefer to keep assets at home, partly because Singapore banks must now share client financial information with Indonesian tax authorities. OCBC is targeting customers with at least Rp1bn in assets and US dollar millionaires with a minimum of Rp20bn, while relying more on digital channels for smaller sums.
HSBC Holdings PLCHSBC is selling its retail and wealth operations in Indonesia to OCBC, but the article does not discuss HSBC's own performance or outlook.
OCBC plans to double wealth advisers in Indonesia after acquiring HSBC's operations, targeting affluent clients with growing assets.