Indonesia’s Bank Commonwealth to cut 1,146 jobs after OCBC acquisition

[JAKARTA] Indonesia’s PT Bank Commonwealth (PTBC) is set to lay off 1,146 employees following its acquisition by Singapore’s OCBC, two months after the 2.2 trillion rupiah (S$182 million) deal was completed.

According to an internal management letter seen by The Business Times, employees were notified that the terminations would be effective Sep 1. Compensation will be given in the form of severance pay, service pay, separation pay and additional benefits, based on tenure.

BT understands that PTBC is offering the affected staff an opportunity to join OCBC NISP, the Singapore bank’s Indonesian subsidiary that carried out the acquisition, before the effective termination date.