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.