The Indonesian unit of Singapore's Oversea-Chinese Banking Corp, is said to be about to establish a private-banking business.
A report in Qatari publication «Gulf Times» says PT Bank OCBC NISP is awaiting approval from Indonesia’s financial services authority, known as OJK, before it launches its wealth management operations there.
The move comes as demand for more wealth management products rises on the back of the much heralded tax amnesty.
The nine-month amnesty expires on March 31 and has been seen as a crucial revenue source for President Joko Widodo.
Newly Declared Funds
To date the amnesty has prompted individuals to report $338 billion in previously undeclared funds, a quarter of which was held outside the country, according to finance ministry data.
OCBC NISP is among 21 government-approved banks that are allowed to handle the newly declared funds, including moving the money back to Indonesia and investing it.
Expanding Influence
Earlier this year Bank of Singapore opened in the Dubai International Financial Centre (DIFC). The branch is helmed by veteran banker Kirit Chauhan and supported by a team of 75 employees.
Bank of Singapore also announced a strategic agreement with leading Swiss bank, Vontobel, to be the first Singapore private bank to enable its clients to book their assets in Switzerland.
