(12 December 2006 – Indonesia) Commonwealth Bank is set to buy a stake in Indonesian lender PT Bank Arta Niaga Kencana.Indonesia’s central bank announced the deal this week but did not elucidate on the size of the stake or how much the Australian bank would pay.
Bank Arta Niaga has total equity of about US $14 million with assets of more than 1.2 trillion rupiah.
The Indonesian banking sector, which consists of some 130 mostly small banks, is starting to undergo Central Bank encouraged consolidation.