OCBC Bank has officially completed the acquisition of PT Bank Commonwealth Indonesia through its Indonesian subsidiary, PT Bank OCBC NISP Tbk, as of 1 May 2024.

The deal transfers 100% ownership of PT Bank Commonwealth Indonesia to OCBC, making it a fully owned subsidiary. This acquisition integrates over 1.2 million customers into OCBC Indonesia’s network.

PT Bank Commonwealth Indonesia, recognised for its wealth management, will continue to operate independently until the integration process concludes in late 2024.

The bank will maintain its current offerings in banking products and services across its branches and digital platforms during this period.

OCBC Indonesia provides a comprehensive suite of services to various customer segments, including private banking, SMEs, and large corporations, supported by a network of about 200 branches. It is also noted for its strong credit ratings in the Indonesian market.

This acquisition is part of OCBC’s strategic expansion in Indonesia, emphasising the country’s importance as a core market alongside Singapore, Malaysia, and Greater China.

The integration of PT Bank Commonwealth Indonesia’s capabilities with those of OCBC Indonesia is expected to enhance the group’s ability to capitalise on ASEAN and Greater China’s growing wealth, trade, and investment flows.

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 article first appeared on Fintech News Singapore