Foreign Banks Bite Harder, Singapore's OCBC to Soon Acquire HSBC in Indonesia
Jakarta, VIVA - OCBC Group from Singapore has emerged as the preferred bidder to purchase HSBC Holdings’ retail banking assets in Indonesia.
According to sources familiar with the matter, the parent company of Bank OCBC NISP is seeking to enhance its presence in the country with Southeast Asia’s largest economy.
OCBC is negotiating to reach an agreement to acquire HSBC’s assets worth Rp6.007 trillion (S$445 million), the sources said, as quoted from the Straits Times website, Friday, 17 April 2026.
The Singaporean banking group is likely to become the buyer after outbidding other offers. However, talks are still ongoing and no final decision has been made, they added, noting that other bidders could also emerge.
An OCBC Group representative declined to comment. However, an HSBC Holdings spokesperson stated that they are reviewing strategic options for their retail banking business in Indonesia and no decision has been made.
OCBC is present in Indonesia through its subsidiary listed on the Indonesia Stock Exchange (BEI), PT Bank OCBC NISP Tbk. OCBC’s growth in Indonesia has been driven both organically and through acquisitions, including PT Bank Commonwealth Indonesia in 2024.
If successful in taking over HSBC, the acquisition would be the first for OCBC’s new Chief Executive, Tan Teck Long.
He plans to expand deeper into Asia, adopt more artificial intelligence (AI) and digitalisation technologies, and support business transitions towards net-zero emissions.
Fast-growing financial markets like Indonesia are attracting interest from major banking groups to expand, especially with banks like HSBC and Citigroup selling some of their non-core assets. ANZ Group Holdings is also considering selling its stake in PT Bank Pan Indonesia (Panin).
Other financial companies negotiating to buy HSBC’s assets in Indonesia include DBS Group Holdings and UOB from Singapore, CIMB Group Holdings from Malaysia, and Sumitomo Mitsui Financial Group from Japan.
HSBC stated that it is conducting a targeted strategic review of its retail business across Australia, Indonesia, and Egypt, but no decisions have been taken. HSBC Life Singapore is also under review.