Oversea-Chinese Banking Corp's Indonesian unit is establishing a private-banking business, according to an online report on menafn.com.
PT Bank OCBC NISP is awaiting approval from Indonesia's financial services authority, OJK, before it launches its private bank, Parwati Surjaudaja, the lender's Jakarta-based president director, said in response to a written query, according to the report.
“The tax amnesty has created new momentum for the wealth-management industry, she said in a separate e-mail,” the report added.
OCBC NISP is among 21 government-approved banks allowed to handle the newly-declared funds, including moving the money back to Indonesia and investing it, according to menafn.com.
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