ASIATODAY.ID, JAKARTA – PT Bank OCBC NISP Tbk. (NISP) or OCBC Indonesia acquired 99% shares of the business unit of the Commonwealth Bank of Australia (CBA) in Indonesia, namely PT Bank Commonwealth. The acquisition transaction value reached IDR 2.2 trillion.
OCBC Indonesia has signed a sale and purchase agreement (SPA) with CBA to buy 99% of shares in Bank Commonwealth. The estimated value of the proposed acquisition transaction is IDR 2.2 trillion and this value will depend on reasonable adjustments in accordance with the provisions of the agreement.
OCBC Indonesia also intends to acquire the remaining 1% of Commonwealth Bank shares from other shareholders. This acquisition plan will require approval from the Indonesian Financial Services Authority, the General Meeting of Shareholders (GMS) and the fulfillment of other conditions.
Once the acquisition is complete, Bank Commonwealth will then be integrated into OCBC Indonesia.
“The acquisition plan is aimed at strengthening and complementing OCBC Indonesia’s capabilities in providing comprehensive financial services for both the consumer and Micro, Small and Medium Enterprises segments,” said OCBC Indonesia President Director Parwati Surjaudaja in an official statement Thursday, November 16 2023.
OCBC Indonesia management also explained that the acquisition was aimed at supporting the Indonesian banking architecture and consolidation program, as well as supporting the company’s business development. (AT Network)
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