OCBC plans to expand its wealth management team in Indonesia to 400 advisers by 2026, following its acquisition of HSBC’s retail and wealth operations.
OCBC will double its wealth advisory workforce in Indonesia to 400 relationship managers by the end of 2026, driven by new hires and internal redeployments. The expansion follows its May agreement to acquire HSBC’s retail and wealth assets in the country for $7.1bn.
Client assets in Indonesia grew 11% year-on-year to RP127tn ($7.1bn), reflecting rising demand for domestic wealth services. OCBC’s CEO has prioritized affluent Indonesian clients, citing improved tax transparency and reduced offshore asset concealment.
The bank aims to capitalize on shifting investor behavior, as tax reforms encourage wealth retention within Indonesia rather than offshore centers like Singapore or Switzerland.