OCBC has launched onshore private banking in Indonesia through its 85%-owned subsidiary, OCBC NISP.

OCBC NISP has obtained regulatory approval to establish a private banking unit to manage the wealth of Indonesians with assets under management of more than US$1 million.

The unit will leverage OCBC Bank’s wealth management platform which includes insurance products from Great Eastern Holdings, equities and bond funds from Lion Global Investors, brokerage services from OCBC Securities, and private banking services from Bank of Singapore.

The initial team includes five private bankers, but OCBC expect the team to double in size by the end of the year.

Photo courtesy of Wikipedia.