OCBC Financial institution has formally accomplished the acquisition of PT Financial institution Commonwealth Indonesia via its Indonesian subsidiary, PT Financial institution OCBC NISP Tbk, as of 1 Could 2024.
The deal transfers 100% possession of PT Financial institution Commonwealth Indonesia to OCBC, making it a totally owned subsidiary. This acquisition integrates over 1.2 million clients into OCBC Indonesia’s community.
PT Financial institution Commonwealth Indonesia, recognised for its wealth administration, will proceed to function independently till the combination course of concludes in late 2024.
The financial institution will preserve its present choices in banking services and products throughout its branches and digital platforms throughout this era.
OCBC Indonesia gives a complete suite of providers to numerous buyer segments, together with personal banking, SMEs, and enormous companies, supported by a community of about 200 branches. It is usually famous for its robust credit score scores within the Indonesian market.
This acquisition is a part of OCBC’s strategic growth in Indonesia, emphasising the nation’s significance as a core market alongside Singapore, Malaysia, and Better China.
The mixing of PT Financial institution Commonwealth Indonesia’s capabilities with these of OCBC Indonesia is anticipated to boost the group’s potential to capitalise on ASEAN and Better China’s rising wealth, commerce, and funding flows.
Helen Wong
Helen Wong, Group CEO of OCBC, stated,
“With the acquisition course of now full, our instant precedence is to make sure the profitable operational integration of PT Financial institution Commonwealth Indonesia into OCBC Indonesia.
We’re working intently with its administration workforce and are dedicated to a easy transition for the purchasers and workers. Prospects of each banks have rather a lot to look ahead to as we leverage our complementary strengths to develop our product and providers choices in Indonesia.”
