Singapore’s OCBC Bank, through its subsidiary OCBC NISP, has launched onshore private banking business in Indonesia following receipt of regulatory approval.

OCBC NISP Private Banking will target high-net-worth Indonesian individuals with more than $1m in assets along with SMEs and large corporations.

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OCBC NISP president director Parwati Surjaudaja said: “We are pleased to offer our wealthy clients alternative wealth management and investment options to help them manage their funds with the launch of our private banking business today.

“The range of products and services that we are currently offering is just a start. We will be introducing more sophisticated solutions that are tailored to our clients’ unique wealth planning and investment needs as we grow our business.”

The new business will be led by a banker with over decades of experience in the industry, who will be supported by four other private bankers having an average experience of 18 years each.

Without disclosing details on the appointed bankers, OCBC said that the new team is expected to double in size by the end of the year.

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OCBC Bank group CEO Samuel Tsien added: “This new business enables us to broaden our client coverage of high net worth individuals. We will leverage our strong product development, distribution and execution capabilities across the OCBC group to support this new customer segment in Indonesia, and are committed to investing further to strengthen the platform.”

In the recent times, OCBC has been ramping up its wealth management operations in Asia Pacific. The latest deal comes on the heels of OCBC’s announcement to acquire the private wealth businesses of NAB in Singapore and Hong Kong. In November 2016, the bank purchased Barclays Bank’s wealth and investment management operations in Singapore and Hong Kong.