JAKARTA - PT Bank Commonwealth (BC) officially merges into PT Bank OCBC NISP Tbk (NISP), effective after it obtains approval from the Board of Commissioners of Financial Services Authority (OJK) yesterday (1/9).

Hartati, Director of NISP, confirmed that Bank Commonwealth will be a subsidiary post-transaction. “This merger is intended as an implementation of the company’s commitment in the banking industry, and support the government’s policy in banking consolidation, thus reinforcing national banking sector,” she added in the information disclosure quoted Monday (2/9).

BC merger will boost the company’s capability in providing consumer financing for Micro, Small, and Medium Enterprises (MSMEs), including wealth management and automotive joint financing.

Prior to this, BC merger had been approved during Extraordinary General Meeting of Shareholders on August 2, 2024. (LK/ZH)