OCBC Bank's subsidiary in Indonesia is buying Commonwealth Bank of Australia's (CBA) unit in the South-east Asian country.
Bank OCBC NISP (OCBC Indonesia) will pay CBA 2.2 trillion rupiah (S$191 million) for a 99 per cent shareholding in the unit, Bank Commonwealth, and acquire the remaining 1 per cent from other shareholders.
Bank Commonwealth - set up in 1997 as a CBA venture with Bank International Indonesia around 1.2 million clients, including retail customers and small and serves medium-sized enterprises.
CBA became its controlling shareholder in 2002.
The bank's net asset value stood at 4.1 trillion rupiah while its net tangible assets were valued at 3.5 trillion rupiah as at Sept 30.
The deal, which will involve Bank Commonwealth becoming a unit of OCBC Indonesia, needs approval from the Indonesia Financial Services Authority and the Monetary Authority of Singapore.
It is expected to be completed in the second or third quarter of 2024, noted a statement by CBA on Thursday, adding that the sale meets its strategy of focusing on its banking business in Australia and New Zealand.
هذه القصة مأخوذة من طبعة November 17, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة November 17, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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