JAKARTA – After the green light from shareholders, PT Bank OCBC NISP Tbk (OCBC) now officially merges PT Bank Commonwealth (PTBC) with the company. This decision was made after the company concluded Extraordinary General Meeting of Shareholders today (2/8).

It is worth mentioning that the acquisition process of PTBC has actually been concluded since May 1, 2024, and is estimated to take up investment worth up to IDR 2.2 trillion. However, according to IDNFinancials data, this merger will only take effect next September 1, 2024.

It was recorded that PTBC actually reported worsening loss of IDR 788.7 billion at the end of 2023, sloping even further from IDR 350.8 billion of loss seen in 2022.

However, Parwati Surjaudaja, President Director of OCBC, remains optimistic about this corporate action. “We believe that this merger will bring about synergy. OCBC is ready to serve a more expansive user base with a more comprehensive banking solutions,” she added in the official statement.

Bank OCBC NISP also believes that the integration of retail and MSE users of PTBC will help to reassert OCBC’s position in the domestic banking industry, as well as upgrading its portfolio.

“This merger is also projected to extend access to PTBC’s users to wide network and OCBC’s capability in ASEAN, Greater China, and other regions, particularly in corporate banking services,” added Surjaudaja. (ZH)