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Jakarta Post

HSBC is said to poach Morgan Stanley's top Indonesia dealmaker



Jakarta   /   Mon, March 5, 2018   /   06:45 pm
HSBC is said to poach Morgan Stanley's top Indonesia dealmaker London-based lender HSBC predicts Indonesia’s gross domestic product (GDP) would grow by 5 percent this year, higher than its initial forecast of 4.7 percent, (Associated Press/.)

Oki Ramadhana, who heads Morgan Stanley’s Indonesian operations, will be leaving to join HSBC Holdings in a senior investment banking role in the country, according to people with knowledge of the matter.

He is expected to start in his new job at HSBC as soon as next month, pending approval from the Indonesian financial regulator, the people said, asking not to be identified because the information isn’t public. Ramadhana has worked at Morgan Stanley in the country for more than six years, his LinkedIn profile shows. His most recent title was president director of the investment bank’s local unit.

HSBC has been seeking to expand its operations in Indonesia, where it first established a branch in 1884 and initially helped finance the sugar trade. It bought PT Bank Ekonomi Raharja in 2009 and recently rebranded it PT Bank HSBC Indonesia, according to the lender’s website.

Morgan Stanley ranked fourth among advisers on acquisitions involving Indonesian firms over the last five years, while HSBC was 24th, according to data compiled by Bloomberg. The U.S. bank was seventh among equity underwriters operating in the country over the same period, compared with HSBC’s rank of 27th, the data show.

HSBC and Morgan Stanley declined to comment in emailed statements.

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