OCBC Indonesia Inks Deal to Acquire PT Bank Commonwealth for US$144Mby Fintech News Indonesia November 16, 2023
In a significant move to expand its presence in Indonesia, PT Bank OCBC NISP Tbk (OCBC Indonesia) has agreed to acquire a 99% stake in PT Bank Commonwealth (PTBC) from Commonwealth Bank of Australia (CBA).
The deal is reportedly worth 2.2 trillion rupiah (US$ 141 million) according to The Business Times.
OCBC Indonesia also intends to acquire the remaining 1.00% shares of PTBC from the other shareholders.
The deal, which is subject to regulatory approvals, is expected to close in the second or third quarter of next year.
The acquisition will strengthen OCBC Indonesia’s position as the fourth largest private sector bank by assets in Indonesia, with total consolidated assets of IDR247.0 trillion.
PTBC’s complementary client base of consumer and SME customers will add further depth to OCBC Indonesia’s offerings.
Additionally, PTBC has complementary capabilities in wealth management and auto joint financing that can be leveraged to broaden OCBC Indonesia’s products and services.
Parwati Surjaudaja, President Director, OCBC NISP said
“The acquisition plan aims to strengthen and complement OCBC Indonesia’s capabilities in providing comprehensive financial services, both for the consumer and SMEs segments.”