OCBC deepens Indonesia presence, completes PT Bank Commonwealth acquisition [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
OCBC Indonesia now owns 100% of PTBC's shares, making PTBC a wholly-owned subsidiary of OCBC Indonesia. PTBC will continue to operate independently until the integration process is completed. This is targeted to be in the fourth quarter of 2024. The transaction was initially announced in November 2023. Completion follows regulatory approvals from the Indonesia Financial Services Authority and the Monetary Authority of Singapore. OCBC Indonesia offers a full range of services to individuals including private banking, as well as SMEs and large corporations. It is currently the ninth-largest bank in Indonesia by assets. Acquisition underscores Indonesia's importance to OCBC These customers are served through mobile and internet banking channels, as well as OCBC Indonesia's network of around 200 branches. The acquisition underscores Indonesia's continued importance to OCBC Group. It is one of the group's core markets together with Singapore, Malaysia and Greater China. OCBC says i
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