OCBC launches onshore private banking in Indonesia

It aims to capture the wealth management needs of 48,000 high net worth individuals.

OCBC Bank recently announced the launch of its onshore private banking in Indonesia through its 85%-owned subsidiary, OCBC NISP, further entrenching its leading position in wealth management in Asia.

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 US$1 million with a comprehensive range of wealth managementsolutions.

The OCBC NISP Private Banking aims to capture the wealth management needs of 48,000 high net worth individuals with total wealth of US$161 billion

The unit will leverage OCBC Bank’s uniquely integrated wealth management platform that draws on the combined product expertise of the Bank and its subsidiaries - market-leading insurance products from Great Eastern Holdings, equities and bond funds from Lion Global Investors, brokerage services from OCBC Securities and private banking services from fast-expanding Bank of Singapore.

OCBC NISP has hired an industry veteran, formerly with a global private bank, to lead the team. This individual has more than 20 years of experience in advising high net worth private clients, family offices and business owners in Southeast Asia.

The launch team includes four other private bankers who have an average of 18 years of onshore and offshore private banking experience and deep knowledge of regional markets. The team is expected to double in size by the end of the year.