OCBC’s Indonesian subsidiary, PT Bank OCBC, has completed the acquisition of PT Bank Commonwealth Indonesia. OCBC Indonesia now owns 100% of PTBC’s shares, making PTBC a wholly-owned subsidiary of OCBC Indonesia. PTBC will continue to operate independently until the integration process is completed. This is targeted to be in the fourth quarter of 2024.

The transaction was initially announced in November 2023. Completion follows regulatory approvals from the Indonesia Financial Services Authority and the Monetary Authority of Singapore.

OCBC Indonesia offers a full range of services to individuals including private banking, as well as SMEs and large corporations. It is currently the ninth-largest bank in Indonesia by assets.

Acquisition underscores Indonesia’s importance to OCBC

These customers are served through mobile and internet banking channels, as well as OCBC Indonesia’s network of around 200 branches. The acquisition underscores Indonesia’s continued importance to OCBC Group. It is one of the group’s core markets together with Singapore, Malaysia and Greater China. OCBC says it presents many opportunities as ASEAN’s largest economy and the world’s fourth most populous country.

Helen Wong, Group CEO of OCBC, said: “With the acquisition process now complete, our immediate priority is to ensure the successful operational integration of PT Bank Commonwealth Indonesia into OCBC Indonesia. We are working closely with its management team and are committed to a smooth transition for the customers and employees. Customers of both banks have a lot to look forward to as we leverage our complementary strengths to expand our product and services offerings in Indonesia.”

The acquisition is the latest strategic milestone for OCBC in Indonesia. It became the first Singapore bank to acquire a banking stake in Indonesia with the acquisition of a 22.5% stake in PT Bank NISP in 2004. That stake that has increased over the years to the current 85%. Bank NISP was renamed to become PT Bank OCBC NISP in 2008. In 2023, in line with OCBC’s brand refresh, Bank OCBC NISP changed its brand name to OCBC Indonesia.

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