HSBC’s Top Banker in Indonesia Will Become CEO of State-Owned Brokerage

(Bloomberg) -- HSBC Holdings Plc’s head of Indonesia investment banking is resigning to become chief executive officer of PT Mandiri Sekuritas, according to people with knowledge of the matter.

Oki Ramadhana is planning to join the state-owned brokerage pending approval from shareholders and the financial regulator, said the people, who asked not to be named as the matter hasn’t been publicly disclosed. He is the strongest candidate among three people that Mandiri is considering for the role, one of the people said.

Ramadhana joined HSBC in 2018 as a senior investment banker in Indonesia after leading Morgan Stanley’s local operations, according to his LinkedIn profile.

A representative for HSBC declined to comment, while a spokeswoman for Mandiri Sekuritas said she can’t confirm the information until an official announcement has been made.

Backed by the nation’s largest lender by assets, Mandiri Sekuritas has been Indonesia’s second-biggest local bond underwriter for the past four years, according to Bloomberg league tables. The brokerage became the first Indonesian firm to secure a full license to operate in Singapore in 2016, seeking to handle more overseas fundraising by Indonesian companies.

Ramadhana’s potential move from an international firm to a local company would follow a similar move by Agung Prabowo, who in April was said to be leaving UBS Group AG as head of investment banking to join PT BNI Sekuritas as its new head.

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