SINGAPORE (May 22): OCBC Bank has launched onshore private banking in Indonesia through its 85%-owned subsidiary, OCBC NISP, further expanding its wealth management business in Asia.

Having obtained regulatory approval to establish the Private Banking unit to manage the wealth of Indonesians with Assets Under Management (AUM) of more than US$1 million, the unit will be able to leverage OCBC Bank’s integrated wealth management platform which draws on the combined product expertise of the Bank and its subsidiaries.

OCBC NISP has hired an industry veteran with more than 20 years of experience in advising high net worth private clients, family offices and business owners in Southeast Asia to lead the team. The launch team includes four other private bankers with an average of 18 years of onshore and offshore private banking experience and deep knowledge of regional markets.

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