SINGAPORE - OCBC Bank has launched onshore private banking in Indonesia through its 85 per cent-owned subsidiary, OCBC NISP, the company said on Monday (May 22).

OCBC NISP has obtained regulatory approval to establish the private banking unit to manage the wealth of Indonesians with assets under management of more than US$1 million (S$1.38 million) with a comprehensive range of wealth management solutions.

The unit will leverage OCBC Bank's uniquely integrated wealth management platform that draws on the combined product expertise of the Bank and its subsidiaries - insurance products from Great Eastern Holdings, equities and bond funds from Lion Global Investors, brokerage services from OCBC Securities and private banking services from Bank of Singapore.

The launch team includes four other private bankers who have an average of 18 years of onshore and offshore private banking experience and deep knowledge of regional markets. The team is expected to double in size by the end of the year.

OCBC NISP private banking clients who are business owners will be able to draw on the commercial banking solutions offered by OCBC NISP and leverage OCBC Bank's global network of more than 610 branches and offices across 18 countries and regions.

"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," said Ms Parwati Surjaudaja, president director of OCBC NISP. "We will be introducing more sophisticated solutions that are tailored to our clients' unique wealth planning and investment needs as we grow our business."

Calling the launch an important milestone in the expansion of OCBC's wealth management franchise, Mr Samuel Tsien, group CEO of OCBC Bank, said the new business will help broaden 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."