JAKARTA. PT Bank OCBC NISP Tbk (NISP) has completed the acquisition of PT Bank Commonwealth (PTBC), taking effect from last Wednesday, May 1, 2024.

Parwati Surjaudaja, President Director of NISP, mentioned that the completion of this acquisition will support future product diversification and services. “Our plan is to utilise the capability of both entities to expand OCBC’s market and services in Indonesia, as well as creating opportunities for financial service growth in Indonesia,” she added in the official statement.

As of now, PTBC’s operational activities remain autonomous, and will continue to be so until the merger has been completed, at least in the fourth quarter (Q4) of 2024. PTBC’s services will also be conducted as usual.

“PTBC will still operate as an independent entity until merger process has been completed,” added Surjaudaja.

In January 2024, NISP has secured approval from the Financial Services Authority regarding the acquisition of PTBC. According to the initial plan, the number of PTBC’s shares taken over by NISP is 4.31 million shares or equal to 100% of its shares.

The transaction value of PTBC acquisition is estimated to reach IDR 2.2 trillion, all of which is taken out of NISP’s own internal cash. (KR/ZH)