OCBC Indonesia successfully acquires PT Bank Commonwealth

SINGAPORE: Oversea-Chinese Banking Corporation’s (OCBC) Indonesian arm, PT Bank OCBC NISP Tbk (OCBC Indonesia) successfully acquires PT Bank Commonwealth on May 1.

The Edge Singapore reports that with this acquisition, PT Bank Commonwealth Indonesia now falls under the umbrella of OCBC Indonesia, becoming its wholly-owned subsidiary. This move brings over 1.2 million customers from PT Bank Commonwealth Indonesia into the fold of OCBC Indonesia.

PT Bank Commonwealth Indonesia also brings along its wealth management expertise. PT Bank Commonwealth Indonesia will operate independently until the integration process, scheduled to wrap up by the 4th quarter of 2024. During this interim period, business continues as usual for the bank’s customers, both in-branch and through digital platforms.

Helen Wong, OCBC’s group CEO, stressed the importance of a seamless transition.

“With the acquisition process now complete, our immediate priority is to ensure the successful operational integration of PT Bank Commonwealth Indonesia into OCBC Indonesia. We are working closely with its management team and are committed to a smooth transition for the customers and employees. Customers of both banks have a lot to look forward to as we leverage our complementary strengths to expand our product and services offerings in Indonesia,” she said

She also elaborated on the significance of this acquisition within OCBC’s broader strategy, saying: “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. Continuously strengthening our network across Asean and Greater China, and presence in other global financial centres, is therefore imperative to our strategy.” /TISG

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