OCBC completes buy of PT Commonwealth Bank Indonesia

Full integration is targeted for Q4 2024.

OCBC’s Indonesian subsidiary PT Bank OCBC NISP has finished acquiring PT Commonwealth Bank Indonesia (PTBC).

With this, OCBC Indonesia now 100% owns PTBC’s share, making PTBC its wholly-owned subsidiary. The deal adds over 1.2 million PTCB customers to OCBC Indonesia.  

PTCB will continue to operate independently until the integration process is completed, targeted for Q4 2024.

OCBC particularly highlighted PTBC’s wealth management capabilities, notably being the first bank to obtain a licence as a Mutual Fund Sales Agent in Indonesia.

OCBC CEO Helen Wong said that the bank’s priority is to censure the successful integration of PTBC into OCBC Indonesia. 

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“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,” Wong said in a press release announcing the completion of the sale.

Wong added that the acquisition builds on OCBC’s strong presence in Indonesia. 

Even before the PTBC deal, OCBC Indonesia already had a network of 200 branches in the country, offering private banking as well as services for small businesses and large corporations.

OCBC is also the first Singapore bank to acquire a banking stake in Indonesia with the acquisition of a 22.5% stake in PT Bank NISP Tbk (Bank NISP) in 2004 – a stake that has increased over the years to the current 85%.