OCBC NISP Caploks Majority of Shares, Commonwealth Boss Reveals the Fate of Customers and Employees

Jakarta –

PT Bank Commonwealth (PTBC) welcomes PT Bank OCBC NISP Tbk (OCBC Indonesia) as a candidate for the company’s new majority shareholder. OCBC will become the majority shareholder after signing a share sales and purchase agreement between OCBC Indonesia and Commonwealth Bank Australia (CBA), where OCBC Indonesia will buy 99% of CBA’s shares in PTBC.

According to a written statement from Commonwealth Bank, the sale of CBA shares in PTBC is in line with its strategy to become more efficient and better, with a focus on domestic business in Australia and New Zealand. This also follows the sale of several international shares, including PT Commonwealth Life in Indonesia, BoCommLife, and a 10% stake in Hangzhou Bank in China.

The estimated transaction value for the acquisition of PTBC by OCBC Indonesia is IDR 2.2 trillion. In addition, OCBC Indonesia intends to acquire the remaining 1% of PTBC shares from minority shareholders.

“We are pleased to welcome the presence of OCBC Indonesia as a potential new majority shareholder and will work closely with OCBC Indonesia to ensure a smooth completion of the sale and transition period. Until the sale is completed, business will continue as usual for our customers and employees, and we will continue provide high quality banking services to PTBC customers,” said PTBC President Director Lauren Sulistiawati in a written statement in Jakarta, Thursday (16/11/2023).

In the process of selecting the right buyer, CBA looked for a strong and well-capitalized organization with a commitment to supporting PTBC’s future development and growth in the long term.

Therefore, CBA believes that OCBC Indonesia is the ideal new majority shareholder of PTBC to develop the retail and SME businesses of both banks, by bringing together capabilities in the fields of SME, KPR, Joint Finance, Wealth Management and Digital Banking by offering an attractive proposition for customers in Indonesia in the future.

The PTBC management team will work closely with OCBC Indonesia in the next few months to ensure a smooth completion of the sale and transition, which is expected to occur in the second or third quarter of 2024.

As of September 30 2023, PTBC serves customers in 21 cities in Indonesia, with a focus on the retail and SME segments. PTBC has repeatedly won awards in Customer Service Excellence such as 1st Best in Service Excellence in the Bank Service Excellence Monitor (BSEM) from Infobank and MRI in 2023, and in Human Resources such as Best Companies to Work for in Asia and HR Asia Diversity, Equity, and Inclusion by HR Asia in 2023.

(hns/hns)