November 16, 2023 – PT Bank OCBC NISP Tbk (“OCBC Indonesia”) on November 16, 2023 entered into a Sale and Purchase Agreement (“SPA”) with Commonwealth Bank of Australia (“CBA”) to acquire 99.0% of the shares in PT Bank Commonwealth (“PTBC”) from CBA (the “Proposed Acquisition”). OCBC Indonesia also intends to acquire the remaining 1.00% shares of PTBC from the other shareholders. The proposed acquisition is subject to regulatory approvals from Financial Services Authority of Indonesia (Otoritas Jasa Keuangan), Annual General Meeting of Shareholders (AGMS) and satisfaction of certain other conditions. Following completion of the acquisition, PTBC will be integrated into OCBC Indonesia.
OCBC Indonesia has been established over 82 years and currently the 4th largest private sector bank by assets in Indonesia as of August 31, 2023. The bank has consistently delivered robust growth despite increasingly competitive intensity. Total consolidated asset of IDR247.0 trillion, a 12% higher than a previous year in the same period . The Bank's capital adequacy ratio (CAR) has remained strong at 23.2%, well above the minimum requirement. Such growth indicates that the company is performing well and expanding over time. As of September 30, 2023, OCBC Indonesia has recorded a 10% growth in loans to Rp144.7 trillion compared to the same period last year.
OCBC Indonesia has sufficient financial resources, through its own internal cash, to fund the Proposed Acquisition.
The Proposed Acquisition adds meaningful scale to OCBC Indonesia and deepens OCBC Bank’s presence in Indonesia. PTBC has an attractive and complementary client base of consumer and SME customers (retail).
The combined capabilities of the two banks strengthens OCBC Indonesia’s platform to capture financial services growth opportunities in Indonesia. PTBC, among others, has complementary capabilities in wealth management and auto joint financing that can be leveraged to broaden OCBC Indonesia’s products and services.
OCBC Indonesia’s vision is to “become a trusted partner to enrich quality of life” and is committed to helping customers attain a better life. Bank’s commitment including in form of various banking and beyond banking products and services has led OCBC Indonesia to receive numerous national and international awards.
Parwati Surjaudaja, President Director, OCBC NISP said “The acquisition plan aims to strengthen and complement OCBC Indonesia's capabilities in providing comprehensive financial services, both for the consumer and SMEs segments.”
The acquisition of PTBC is an important milestone and underscores OCBC Indonesia commitment for now, and beyond.
About OCBC Indonesia
OCBC Indonesia was established in Bandung in 1941 under the name Nederlandsch Indische Spaar en Deposito Bank. As of September 30, 2023, OCBC Indonesia serves customers through 199 office networks in 54 cities in Indonesia. Furthermore, customers could conduct transaction through the Bank's 494 ATM, more than 90,000 ATM networks in Indonesia, and connected to more than 600 OCBC Group ATM networks in Singapore and Malaysia. OCBC Indonesia also serves customers through various digital channels, including mobile banking and internet banking – both for individuals and corporations. OCBC Indonesia is one of the banks with the highest credit ratings in Indonesia, namely AAA(idn)/stable from PT Fitch Ratings Indonesia.
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