BOC Hong Kong (Holdings), a Bank of China subsidiary, has agreed to acquire the Indonesia and Cambodia banking businesses from its parent.
The Indonesia business will be purchased for HK$1.6bn ($206.15m), while the Cambodia business will be acquired in a $171m deal. Both the deals are subject to regulatory approvals.
BOC Hong Kong CEO Yue Yi said: “Both BOC Jakarta Branch and BOC Phnom Penh Branch offer local customers a wide range of commercial banking products and services.
“The proposed acquisitions of these two branches will further expand BOC HK's regional network, in line with the long-term overseas development strategy of the BOC Group."
“Capitalising on its competitive advantages in services, products and resources, BOCHK will continue to allocate more resources to Southeast Asia and facilitate the steady development of its institutions in the region. It will also proactively expand its business with Mainland enterprises going global, leading local corporates, cross-border customers and high net-worth customers,” Yi added.