(6 December 2004 – Singapore) Overseas Chinese Banking Corp (OCBC) is set to take a controlling stake in Indonesia’s Bank NISP.OCBC subsidiary OCBC Overseas Investments has inked a deal to acquire a further 28.5 percent stake, taking its overall share in the Indonesia bank to 51 percent.
Other NISP shareholders are involved in the deal including the family of NISP president Pramukti Surjaudaja.
The president said the deal would help NISP meet the capital demands Basel 2.
In further news, OCBC has announced that independent director Fong Weng Phak has resigned for personal reasons.
Two new independent directors, Giam Chin Toon and Neo Boon Siong, will join the board on 1 January 2005.