OCBC Officially Owns 100 Percent Shares Of Bank Commonwealth

OCBC (Photo: OCBC Website)

JAKARTA - PT Bank OCBC NISP Tbk (OCBC) announced that the acquisition process of PT Bank Commonwealth (PTBC) has been completed. Thus, 100 percent of PTBC's shares are fully owned by the effective OCBC on May 1, 2024.

As part of OCBC, PTBC's operational activities will continue to run independently until the merger process is planned to be completed by the fourth quarter of 2024.

Services to PTBC customers will run as usual through various channels and banking products, including banking transactions at branch offices and PTBC digital channels.

OCBC President Director Parwati Surjaudaja said, as one of the banks with the highest rating credit in Indonesia and a good track record, PTBC has an attractive and complementary customer base in the consumer and SME (retail) customer segment.

"Our plan is to take advantage of the capabilities of both entities to expand OCBC products and services in Indonesia, as well as create opportunities for financial services growth in Indonesia," Parwati said in a written statement, Thursday, May 2.

Meanwhile, PTBC President Lauren Sulistiawati said, with the acquisition process completed, PTBC will continue to operate as a stand-alone entity to the merger process.

"PTBC management is committed to ensuring the smooth merger process while still providing high-quality banking services to customers. In addition, business activities will continue as usual," Lauren said.

Purchase of 100 percent of PTBC's shares is an important milestone that will strengthen the OCBC platform in Indonesia. Also, affirming the Bank's commitment to continuing to advance in the growth of financial services in Indonesia.