OCBC Bank officially completed acquisition As of May 1, 2024, it was transferred to PT Bank Commonwealth Indonesia through its Indonesian subsidiary PT Bank OCBC NISP Tbk.
The transaction will result in the transfer of 100% ownership of PT Bank Commonwealth Indonesia. OCBCBecome a wholly owned subsidiary. With this acquisition, more than 1.2 million customers will be integrated into OCBC Indonesia’s network.
PT Bank Commonwealth Indonesia, known for its asset management, will continue to operate independently until the integration process is completed at the end of 2024.
The Bank will maintain its current offering of banking products and services across its branches and digital platforms during this period.
Supported by a network of approximately 200 branches, OCBC Indonesia provides comprehensive services to various customer segments including private banking, small and medium-sized enterprises, and large corporations. It is also known for its high credit rating in the Indonesian market.
The acquisition is part of OCBC’s strategic expansion in Indonesia, underscoring the country’s importance as a core market alongside Singapore, Malaysia and Greater China.
The integration of PT Bank Commonwealth Indonesia’s capabilities with OCBC Indonesia’s capabilities is expected to strengthen the group’s ability to tap into the growing wealth, trade and investment flows in ASEAN and Greater China.
Helen Wong
OCBC Group CEO Helen Wong said:
“The acquisition process has been completed and our immediate priority is to ensure the successful integration of PT Bank Commonwealth Indonesia into OCBC Indonesia.
We are working closely with the management team to ensure a smooth transition for our customers and employees. Customers of both banks are excited as we leverage our complementary strengths to expand our product and service offerings in Indonesia. ”
