OCBC to Establish Private Banking Unit in Indonesia
OCBC’s Indonesia unit is setting up a private banking business. PT Bank OCBC NISP is now awaiting approval from Indonesia’s financial services authority, OJK before setting up its private bank.
“PT Bank OCBC NISP is now awaiting approval from Indonesia’s financial services authority, OJK.”
This move comes as the tax amnesty has prompted individuals to report $338 billion in undeclared funds and hence the demand for more wealth management products is rising.
News Source: finews asia
OCBC (SGX:O39) is the longest established Singapore bank — it was born out of the Great Depression through the consolidation of three banks in 1932: the Chinese Commercial Bank Limited (incorporated in 1912), the Ho Hong Bank Limited (incorporated in 1917) and the Oversea-Chinese Bank Limited (incorporated in 1919). It operates its banking business as OCBC Bank, Bank OCBC NISP, OCBC Wing Hang China, OCBC Al-Amin, and Bank of Singapore in over 18 countries and territories.
- Origin : Singapore
- Assets : SGD 390.19 billion
- Revenue : SGD 8.72 billion
- Employees : 29,000
Official Website: www.ocbc.com
News & Media: Press Release
Updated on 8th August 2016