OCBC to buy Indonesia’s Bank Commonwealth for 2.2 trillion rupiah
A SUBSIDIARY of OCBC : O39 0% is proposing to pay 2.2 trillion rupiah (S$191 million) to acquire Bank Commonwealth – the Indonesian subsidiary of the Commonwealth Bank of Australia (CBA).
CBA on Thursday (Nov 16) said it entered into a binding agreement to sell its 99 per cent shareholding in Bank Commonwealth to Bank OCBC NISP, an OCBC subsidiary in Indonesia.
In a separate statement, the Singapore lender said it also intends to acquire the remaining 1 per cent of Bank Commonwealth from its other shareholders. OCBC expects to merge Bank Commonwealth into Bank OCBC NISP after the acquisition is completed.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Microsoft offers cloud customers AMD alternative to Nvidia AI processors
CEO of fallen Eagle Hospitality Trust seeks to contest four criminal charges
Crypto boom, erratic rain spark outages in Laos, Asia’s clean power export hub
Bank of Japan in no rush to sell risky asset holdings
Gold prices set for second weekly gain on Fed rate outlook
China’s first special bond sale likely to see solid demand