Singapore’s Oversea-Chinese Banking Corporation (OCBC) has launched an Indonesian private banking unit as the bank expands its wealth management presence in the region. The new onshore unit will be run by OCBC NISP, the Indonesian subsidiary that is 85% owned by OCBC Bank. Its target clients are Indonesians with assets under management of more than $1 million. OCBC, citing Capgemini’s Asia Pacific Wealth Report 2016, said in a statement there are 48,000 high net worth individuals in Indonesia with a total wealth of $161 billion. Parwati Surjaudaja, president director of OCBC NISP, said there are many new opportunities in the high net worth segment for the local Indonesian banks as a result of the successful completion of the government’s tax amnesty program. OCBC has recently announced its intention to buy National Australia Bank’s private wealth businesses in Singapore and Hong Kong.
