Singapore 2nd Largest Bank $80 Billion OCBC Head of Global Consumer Financial Services Sunny Quek Targets to Increase Wealth Management Business by 100% Over 3.5 Years (By 2029), Wealth Management with $270 Billion (S$342 Billion) AUM, OCBC Reported $5.8 Billion (S$7.42 Billion) Net Profit in 2025 Including $4.4 Billion (S$5.6 Billion) from OCBC Wealth Management (Private Banking, Premier Private Client, Premier Banking, Insurance, Asset Management & Stockbroking)
13th May 2026 | Hong Kong
Singapore 2nd largest bank OCBC ($80 billion market value) Head of Global Consumer Financial Services Sunny Quek is targeting to increase OCBC wealth management business by 100% over next 3.5 years (By 2029). OCBC Wealth Management currently with $270 billion (S$342 billion) AUM. In 2025, OCBC reported $5.6 billion (S$7.42 billion) net profit including $4.4 billion (S$5.6 billion) from OCBC Wealth Management (Private Banking, Premier Private Client, Premier Banking, Insurance, Asset Management & Stockbroking). OCBC subsidiaries include OCBC Wing Hang, OCBC NISP, Bank of Singapore, Great Eastern Holdings & Lion Global Investors. In 2026 May, Singapore 2nd largest bank OCBC (via OCBC NISP) with $78 billion market value announced to buy HSBC retail banking & wealth operations in Indonesia (HSBC International Wealth & Premier Banking) for $374 million (IDR 6.5 trillion), with the acquisition include HSBC 336,000 customers & $5.2 billion AUM. In 2026 May, OCBC ($78 billion market value) reported $1.6 billion (S$1.97 billion) net profit & $3 billion (S$3.8 billion) revenue for 2026 Q1, and wealth management with $270 billion (S$342 billion) AUM. OCBC current market value at $78 billion, share price +10.4% YTD, +35% last 12 months & +74.5% last 5 years. OCBC Group CEO, Tan Teck Long: “We delivered a good start to 2026, with Group net profit rising 5% year-on-year to S$1.97 billion, underpinned by resilient performance across Banking, Wealth Management and Insurance as we execute our Next Frontier strategy. We achieved a new high for non-interest income, led by our wealth business, which helped us offset lower net interest income amid a low-interest rate environment. Our wealth fees grew 34% year-on-year to hit S$422 million. Even as we sustained our loan growth at 9% year-on-year, asset quality remained sound, underscoring the resilience of our portfolio amid a more challenging macroeconomic climate. Against this backdrop, we continued to make disciplined strategic investments to strengthen our long-term growth engines. The acquisition of HSBC’s wealth business in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our wealth business in Indonesia. It is a high-quality portfolio with significant assets under management (AUM), including deposits with sizeable CASA balances. The portfolio is highly complementary to our existing Indonesia franchise, with clear synergies across customers and capabilities. Looking ahead, global conditions remain uncertain amid geopolitical tensions and elevated inflation risks. Much of the near-term outlook will depend on how the war in the Middle East, with its impact on energy supply and prices, evolves, while the ongoing trade tariff situation is also being closely monitored. With our strong capital, funding and liquidity position, diversified income streams and disciplined risk management, we are well positioned to navigate uncertainties and deliver sustainable long-term value.”
“ Singapore 2nd Largest Bank $80 Billion OCBC Head of Global Consumer Financial Services Sunny Quek Targets to Increase Wealth Management Business by 100% Over 3.5 Years (By 2029), Wealth Management with $270 Billion (S$342 Billion) AUM, OCBC Reported $5.8 Billion (S$7.42 Billion) Net Profit in 2025 Including $4.4 Billion (S$5.6 Billion) from OCBC Wealth Management (Private Banking, Premier Private Client, Premier Banking, Insurance, Asset Management & Stockbroking) “
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OCBC – OCBC is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker. OCBC and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. OCBC’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 570 branches and representative offices in 19 countries and regions. These include about 300 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 90 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang. OCBC’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. OCBC’s insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.
Singapore 2nd Largest Bank $78 Billion OCBC (via OCBC NISP) Buys HSBC Retail Banking & Wealth Operations in Indonesia (HSBC International Wealth & Premier Banking) for $374 Million (IDR 6.5 Trillion), Acquisition Include HSBC 336,000 Customers & $5.2 Billion AUM
7th May 2026 – Singapore 2nd largest bank OCBC (via OCBC NISP) with $78 billion market value has announced to buy HSBC retail banking & wealth operations in Indonesia (HSBC International Wealth & Premier Banking) for $374 million (IDR 6.5 trillion), with the acquisition include HSBC 336,000 customers & $5.2 billion AUM. Announcement (4/5/26): “OCBC announces today that its Indonesia subsidiary, PT Bank OCBC NISP Tbk (“OCBC Indonesia”), has on 4 May 2026 entered into an agreement with PT Bank HSBC Indonesia (“HSBC Indonesia”) to acquire assets and liabilities of its retail banking and wealth management operations in Indonesia – International Wealth and Premier Banking (“IWPB Indonesia”). IWPB Indonesia is built around a premium, global financial service proposition serving retail and wealth customers offering a full suite of banking products and services and tailored wealth management. This portfolio comprising customer deposits, investment products covering bonds, mutual funds and insurance, credit cards and retail loans immediately deepens OCBC Indonesia’s wealth management business, supporting The Next Frontier Strategy in powering the Franchise Shift. Excluding one-off transaction costs, the transaction will be earnings accretive to OCBC after completion, which is expected in the second quarter of 2027. The Transaction – The transaction involves the transfer of IWPB Indonesia’s assets and liabilities to OCBC Indonesia. The total AUM to be transferred is S$6.6 billion1 (IDR89.8 trillion1). This comprises S$4.3 billion1 (IDR58.2 trillion1) of customers’ investments in mutual funds and bonds, as well as insurances, and customer deposits of S$2.3 billion1 (IDR31.6 trillion1). As part of the transaction, a small customer retail loan book of S$0.3 billion1 (IDR 3.6 trillion1) will also be transferred. Total consideration for the transaction (the “Consideration”) will be calculated based on net asset value of IWPB Indonesia at completion, plus a premium of up to approximately S$0.48 billion (IDR 6.5 trillion) which is subject to the adjustment mechanisms in the agreement. The Consideration will be finalised after completion. The Consideration was arrived at on a willing-buyer, willing-seller basis, taking into account factors including IWPB Indonesia’s business prospects and the potential synergies to be realised by OCBC Indonesia. A Strategic Acquisition To Power Wealth Ambitions – IWPB Indonesia is one of the largest foreign-owned retail banking and wealth management platforms in Indonesia and has consistently been recognized as a top-tier wealth manager in Indonesia. It serves 336,0001 individuals across its 261 branches. IWPB Indonesia’s customer base is highly complementary to the OCBC Indonesia franchise, giving it considerable scope to grow its wealth business. Upon completion of the transaction, it is expected to increase OCBC Indonesia’s AUM by 25%1 and grow the credit card balances by more than 150%. The transaction will enhance OCBC Indonesia’s wealth management talent pool by adding about 1,300 staff. This reinforces its wealth management capabilities to deliver the OCBC Group’s Whole-of-Wealth proposition, as part of the larger integrated financial services group which comprises private banking under Bank of Singapore and insurance under Great Eastern. Ensuring A Smooth Transition – OCBC Indonesia will work closely with HSBC Indonesia to ensure a smooth migration of customers and employees following completion of the acquisition. More details on this will be announced closer to the completion of the transaction. The transaction is internally funded by OCBC Indonesia and is not expected to have any material impact on the net tangible assets, earnings per share and capital of OCBC.”
Tan Teck Long, Group CEO of OCBC: “This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise. It follows our successful 2024 acquisition and integration of PT Bank Commonwealth Indonesia, in further expanding our market penetration in Southeast Asia’s largest economy. Indonesia is a long-term commitment, and a key growth market. The large deposits base of S$2.3 billion with sizable CASA balances is attractive in providing stable low-cost funding for our Indonesian franchise and significant opportunities for wealth management. We are excited about the scale and synergy that this high-quality portfolio brings to the Group as OCBC, Bank of Singapore and Great Eastern come together to deliver the Whole-of-Wealth proposition. We look forward to serving HSBC Indonesia’s retail and wealth customers and welcoming our new colleagues to the OCBC family.”
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