CIMB and J Trust in Race to Buy Indonesia’s Bank Commonwealthby Fintech News Indonesia November 1, 2023
Malaysian bank CIMB and Japanese finance company J Trust are interested in buying Indonesian lender Bank Commonwealth, according to Reuters.
Morgan Stanley is the financial advisor on the sale. The deal could value the lender at US$400 million to US$500 million.
CIMB and J Trust, who already have existing banking operations in Indonesia, have reportedly expressed interest and are looking at submitting binding bids.
The lender had total assets of US$1.1 billion last year, but logged a loss of more than US$350 million in 2022.