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News Private lender OCBC NISP to launch private banking service in May

by April 21, 2017 General

Private lender OCBC NISP Bank, the local unit of a Singapore banking corporation, plans to launch a private banking service in May after the bank received a license to do so from the Financial Services Authority (OJK).

Private banking, personalized financial and banking services, is traditionally offered to very wealthy clients.

Ka Jit, the OCBC NISP’s individual customer solution head, said on Thursday that the bank, as of March, had gained Rp 8 trillion (US$600.24 million) in repatriation funds from the participants of Indonesia’s nine-month-long tax amnesty.

He said that the funds would be distributed to government bonds, corporate bonds and capital markets.

“The most visible distribution is to government bonds. We are also in progress of distributing them to corporate bonds,” Ka said.

He said the bank had cooperated with securities company PT OCBC Sekuritas Indonesia to distribute the funds in the capital market and were seeking cooperation with other securities companies.

“We are supported by the central OCBC group for initiation of the private banking [service], especially in developing its human resources. So the service’s relationship managers will later be trained by our group,” Ka said.

Although more than Rp 1 quadrillion worth of foreign assets was declared during the amnesty, only Rp 147 trillion in funds stashed abroad were repatriated, according to tax office data. (yon/bbn)