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OCBC to Acquire HSBC's Retail, Wealth Management Business in Indonesia

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-- Overseas-Chinese Banking Corp. or OCBC (SGX:O39) agreed to acquire the retail and wealth management business of HSBC's (HKG:0005) Indonesian arm, according to a press release on Monday.

The deal involves the transfer of HSBC's International Wealth and Premier Banking (IWPB) portfolio to OCBC's local subsidiary, PT Bank OCBC NISP Tbk.

OCBC will take on approximately 336,000 customers. The acquisition also adds SG$6.6 billion in assets under management (AUM), expected to grow OCBC Indonesia's total AUM by 25%

Credit card balances are projected to surge by more than 150%, and roughly 1,300 HSBC Indonesia employees will join the OCBC team.

OCBC will pay a premium of up to SG$480 million above the net asset value of the IWPB portfolio.

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