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View all search resultsForeign banks seek stronger foothold in RI amid consolidation push
Foreign banks are looking to expand in Indonesia through corporate action, encouraged by a government push for consolidation in the competitive market.
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High-rise buildings are pictured on Nov. 4, 2025, in Jakarta’s business district. (REUTERS/Willy Kurniawan)
F
oreign banks are looking to expand in Indonesia through corporate action, encouraged by a government push for consolidation in the competitive market.
Several foreign-controlled lenders have announced initiatives in the first half of this year to gain a bigger foothold in Southeast Asia’s largest economy, including acquisitions and integration.
Bank OCBC NISP entered into an agreement with Bank HSBC Indonesia in May to acquire assets and liabilities of HSBC’s retail banking and wealth management operations in Indonesia.
The acquisition, which is slated for completion next year, is touted as part of Singapore’s OCBC Group’s broader strategy to provide a “comprehensive suite of banking, investment and insurance products and services”.
It is expected to add 336,000 customers and Rp 89.8 trillion (US$5 billion) in assets under management (AUM) to OCBC Indonesia, leaving HSBC with a concentrated focus on corporate and institutional banking, in line with its global strategic shift.
Bank Danamon Indonesia also announced in May plans to integrate its operations with the local branch of Japan’s MUFG Bank Ltd., a process also targeted to wrap in 2027.
It is set to combine the global and domestic strengths of both entities and potentially create one of the country’s largest financial institutions, with combined assets exceeding Rp 480 trillion, according to Bank Danamon.
