OCBC poised to buy HSBC's Indonesia retail business valued at over 6 trillion rupiah

Singapore's OCBC has emerged as the preferred bidder to acquire HSBC’s (0005) retail assets in Indonesia, aiming to reach an agreement that could value HSBC’s Indonesian consumer business at over 6 trillion rupiah (HK$2.73 billion), Bloomberg reported.

After outbidding other competitors, the Singapore-based bank is currently the most likely buyer. However, sources said negotiations are still ongoing, no final decision has been made, and other bidders may still emerge.

A representative for OCBC declined to comment. An HSBC spokesperson said the bank is evaluating strategic options for its Indonesia retail banking business, and no decisions have been made.

Other parties that had expressed interest in bidding included DBS, United Overseas Bank, Malaysia's CIMB, and Sumitomo Mitsui Financial Group.

OCBC currently operates in Indonesia through its Jakarta-listed subsidiary, PT Bank OCBC NISP. 

If the deal goes through, it would be the first acquisition under OCBC's new CEO, Tan Teck Long.