OCBC aims to expand its wealth adviser team in Indonesia to 400 by the end of 2026 through new hires and internal transfers, reflecting growth in the country’s client assets [1, 2, 3]. The bank reported that client assets in Indonesia rose about 11% year-on-year to 127 trillion rupiah, roughly S$9.2 billion or US$7.1 billion [1, 2, 3].
The expansion follows OCBC’s acquisition of HSBC’s retail and wealth assets in Indonesia in May 2026, boosting its local presence [1, 3]. OCBC CEO Tan Teck Long, who took over on January 1, 2026, has identified Indonesia’s wealthy as a key growth area for the bank [1, 2, 3].
Tax considerations shape investment habits in Indonesia. Most Indonesians, except some ultra-wealthy individuals, prefer to keep financial assets onshore due to Indonesia’s lower investment return tax of up to 20%, compared to offshore rates as high as 35% [1, 2, 3]. OCBC executive Parwati Surjaudaja, with over 35 years of Indonesian banking experience and ties to Bank NISP, an OCBC shareholder, said: "That is not true. Most Indonesians, except for some of the ultra-rich, prefer to keep assets in their home country." She added, "Wherever you put the money, it will be reflected back to the authorities here" [1].
Singaporean lenders, including OCBC, have shared financial asset information with Indonesian tax authorities for several years, making it harder for wealthy Indonesians to hide offshore investments [1, 2, 3]. Indonesia’s tax amnesty programmes, culminating in 2022, repatriated billions of dollars in undeclared assets, with Singapore listed as the top origin country [1, 2, 3].
OCBC’s strategy includes leveraging its increasing stake in Bank NISP, the Indonesian family firm where Surjaudaja has worked since 1990 [1, 2, 3].
The bank’s goal to reach 400 wealth advisers in Indonesia by the end of 2026 underscores its commitment to serving growing client wealth in the country [1, 2, 3].
