Growth in Indonesia, already the largest economy in ASEAN economic bloc, is being driven by a powerful combination of rising affluence, urbanization and infrastructure investments to support its youthful population of almost 250 million people. That dynamic mix, coupled with an entrepreneurial and innovative business culture, has put the country on track to have the world’s seventh largest economy in terms of gross domestic product (GDP) by 2030.
In Indonesia, HSBC Group has becomes the first international bank in Indonesia to integrate its foreign bank branch into its local banking subsidiary. This is a major milestone in the Group’s 132 years history in Indonesia and reinforces the Bank’s long-term commitment to the country.
The creation of PT Bank HSBC Indonesia means that the company is better placed than ever to help the customers capitalise on an Indonesian growth story. Company’s capability is fuelled by excellent regional connectivity with fellow ASEAN economies and the linkages of China’s Belt & Road Initiative. Those reasons are the kind of business the company wants to grow in Indonesia, valuable for Indonesia and for the entire group.
Sumit Dutta, President Director of PT Bank HSBC Indonesia, sees that the integration will represents a perfect combination of HSBC Indonesia’s strong product offering and Bank Ekonomi’s geographical spread. PT Bank HSBC Indonesia will enable businesses to thrive and ultimately help customers fulfil their hopes and realize their ambitions.
“In Indonesia, our aim is to become the leading international bank, with a combined branch network of more than 90 branches in 29 cities. The integrated bank is now one of the largest banks in the country with an extensive domestic presence as well as the largest global network. We will grow in retail and business banking through investment in distribution and digital, and we will further expand our strong position in corporate and cross border business,” said Dutta.
Group HSBC Key Focus:
|HSBC’s long presence in Indonesia is reflected in the following significant milestones in our history|
|1884||First branch opened in Batavia (Old Town Jakarta)|
|1896||Surabaya branch opened to support the sugar trade in the region|
|1968||HSBC Indonesia reopened after ceasing operation due to the Second World War|
|1990||HSBC Bandung, Batam, Medan and Semarang opened|
|2009||HSBC acquired local bank Bank Ekonomi Raharja|
|2017||The integration of banking operations from being a foreign bank branch of HSBC in Indonesia with PT Bank HSBC Indonesia (HBID), formerly PT Bank Ekonomi Raharja, to become an international bank with the largest domestic footprint as well as a local bank with the largest global network. PT Bank HSBC Indonesia has around 5,000 staff spread across 29 cities in 99 branches across the country|