Yahoo Finance OCBC completes acquisition of PT Bank Commonwealth
The integration process is slated to be completed in the fourth quarter of 2024.
Oversea-Chinese Banking Corporation’s (OCBC) Indonesian subsidiary, PT Bank OCBC NISP Tbk (OCBC Indonesia), has completed the acquisition of PT Bank Commonwealth Indonesia on May 1.
Following the acquisition, PT Bank Commonwealth Indonesia will be a wholly-owned subsidiary of OCBC Indonesia. The acquisition brings over 1.2 million customers from PT Bank Commonwealth Indonesia to OCBC Indonesia.
PT Bank Commonwealth Indonesia also brings its wealth management capabilities with it.
The bank will continue to operate independently until the integration process, which is targeted to be completed in the 4Q2024, is completed. During this time, the bank will serve its customers as usual at its branches and through its digital channels.
“With the acquisition process now complete, our immediate priority is to ensure the successful operational integration of PT Bank Commonwealth Indonesia into OCBC Indonesia. We are working closely with its management team and are committed to a smooth transition for the customers and employees. Customers of both banks have a lot to look forward to as we leverage our complementary strengths to expand our product and services offerings in Indonesia,” says Helen Wong, group CEO of OCBC.
“This acquisition builds on our already strong presence in Indonesia. It signals our commitment to accelerating growth in the country, and to support our customers as they seek growth across multiple markets. Rising Asean-Greater China flows is a focal point of Asia’s growth story and a big opportunity for us. Chinese companies for instance, are looking to expand into Indonesia to tap its large young population and abundance of natural resources. Continuously strengthening our network across Asean and Greater China, and presence in other global financial centres, is therefore imperative to our strategy,” she adds.
Shares in OCBC closed at $14.25 on April 30.
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