OCBC Acquires Indonesian Lender PTBC
(3 May 2024 – Indonesia) OCBC has finalised its acquisition of CommBank’s Indonesian banking outfit PT Bank Commonwealth Indonesia (PTBC).
PTBC was established in 1997 as a joint venture (JV) between Commonwealth Bank of Australia and Bank International Indonesia. OCBC is seeking to complete it integration with PTBC in Q4 2024 while operating independently until that time. OCBC Indonesia offers a comprehensive product and service range servicing SMEs, large corporates and private banking clients with 200 branches, mobile and internet banking channels.
“This acquisition builds on our already strong presence in Indonesia. It signals our commitment to accelerating growth in the country, and to support our customers as they seek growth across multiple markets. Rising ASEAN-Greater China flows is a focal point of Asia’s growth story and a big opportunity for us. Chinese companies, for instance, are looking to expand into Indonesia to tap its large young population and abundance of natural resources” commented OCBC Group CEO Helen Wong.
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