Singapore’s second largest lender by assets Oversea-Chinese Banking Corporation (OCBC) said Monday its Indonesian subsidiary will start a private banking unit.
The announce came less than two weeks after the bank announced its intention to buy National Australia Bank’s (NAB) private wealth businesses in Singapore and Hong Kong.
Singapore banks have been expanding their wealth management businesses in the past few years. OCBC bought Barclays’ Asia wealth business, while DBS Group Holdings took over Societe Generale’s and ANZ’s units.
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