Jakarta, Indonesia – OCBC has announced the completion of its acquisition of PT Bank Commonwealth (PTBC), making PTBC a subsidiary of OCBC Indonesia and bringing more than 1.2 million PTBC customers to 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. During this period, PTBC will serve its customers as usual with its banking products and services, including banking transactions at PTBC’s branches and through digital channels.
This 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, and presents many opportunities as ASEAN’s largest economy and the world’s fourth most populous country.
It is worth noting that with China being Indonesia’s largest trading partner and Indonesia’s second largest investor, combining PTBC’s capabilities with OCBC Indonesia’s enables OCBC Group to better capture the opportunities from the increasing ASEAN-Greater China wealth, trade and investment flows, in line with the group’s corporate strategy.
Helen Wong, group CEO of OCBC, said, “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 added, “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.”
The acquisition is the latest strategic milestone for OCBC in Indonesia. It became the first Singapore bank to acquire a banking stake in Indonesia with the acquisition of a 22.5% stake in PT Bank NISP Tbk in 2004 – a stake that has increased over the years to the current 85%.
