Indonesian lender PT Bank Windu Kentjana International (Bank Windu) has confirmed that it is in talks to be acquired by China Construction Bank (CCB).
Bank Windu corporate secretary Andreas Basuki said: "It’s true that there are several plans … however these are not yet final and still need the approval of regulators, therefore further details are not yet available."
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The deal will add CCB to a string of foreign companies venturing into Indonesia’s banking sector, which has strong net interest margins compared to other Southeast Asian markets.
CCB has submitted a proposal to purchase two tier-one banks to the Financial Services Authority (OJK), one of which comprise Bank Windu, Indonesian newspaper Kompas reported citing OJK deputy commissioner for banking supervision Mulya Siregar.
Bank Windu, the merged entity formed by the amalgamation of PT Bank Multicor and PT Bank Windu Kentjana in 2008, operates with nearly 80 offices across Indonesia.
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