Singaporean bank OCBC has officially launched onshore private banking in Indonesia through its eighty-five percent owned subsidiary, OCBC NISP.
finews.asia has been reporting regularly on the progress of Singapore's second largest lender as it tries to tap into the burgeoning Indonesian wealth market.
The bank has today confirmed, via a press release, that the new Jakarta based wealth management business has gone live.
OCBC NISP has obtained regulatory approval to establish the Private Banking unit to manage the wealth of Indonesians with Assets Under Management (AUM) of more than $1 million with a comprehensive range of wealth management solutions.
The unit will leverage OCBC Bank’s integrated wealth management platform that includes insurance products from Great Eastern Holdings, equities and bond funds from Lion Global Investors, brokerage services from OCBC Securities and private banking services from Bank of Singapore.
Indonesia's Growing Influence
OCBC NISP has hired an industry veteran, formerly with a global private bank, to lead the team along with four private bankers and expects to double the size of the team by the end of 2017.
Indonesia’s contribution to OCBC Bank’s group earnings has been growing over the past few years. In 2016, the market accounted for 5 perent of the group’s profit before tax compared to 2 percent in 2010.
«The launch of OCBC NISP Private Banking is an important milestone in the expansion of OCBC’s wealth management franchise, we are confident that OCBC NISP Private Banking will be a strong addition to our already solid wealth management business,» said Samuel Tsien, Group CEO of OCBC Bank.
