Oversea-Chinese Banking Corp said on Monday (May 4) its Indonesian unit has agreed to acquire certain assets and liabilities of HSBC’s wealth and premier banking portfolio in Indonesia, expanding the Singapore lender’s presence in Southeast Asia’s largest economy.
Global banks are streamlining retail operations in some markets and shifting capital toward businesses with higher returns, while Singapore lenders continue to deepen their wealth and consumer franchises across Southeast Asia.
HSBC said in a separate statement that the transaction followed a strategic review of its Indonesian wealth and premier banking operations and formed part of its broader push to simplify the group.
It added that it remained committed to growing its corporate and institutional banking business in Indonesia.
