OCBC to Acquire HSBC’s Indonesia Retail, Wealth Assets

Oversea-Chinese Banking Corp. is buying HSBC Holdings Plc’s retail and wealth assets in Indonesia, deepening its presence in Southeast Asia’s largest economy.

The transaction will be calculated based on the net asset value of HSBC Indonesia’s International Wealth and Premier Banking operations and a premium of up to about S$480 million ($376 million), Singapore-based OCBC said in a statement late Monday, confirming an earlier Bloomberg News report.