Business will be running as usual, and customers of PT Bank Commonwealth can continue to conduct banking transactions through the bank's digital channels and all branches.

JAKARTA, Indonesia, May 6, 2024 /PRNewswire/ -- PT Bank OCBC NISP Tbk (OCBC) has announced the completion of its acquisition of PT Bank Commonwealth  (PTBC). As a result, 100% of PTBC's shares are now fully owned by OCBC effective 1 May 2024.

For the time being, PTBC will continue to operate independently until the merger process between OCBC and PTBC is completed, estimated by the fourth quarter of 2024. During this period, PTBC will continue to serve customers as usual through its banking channels and products, including banking transactions at PTBC branches and through its digital channels.

Parwati Surjaudaja, President Director of OCBC said "As one of the banks with the highest credit-rating in Indonesia, and with a strong track record, PTBC has an attractive and complementary customer base in consumer banking and SME segments (retail). We plan to leverage the combined capabilities of both entities to broaden OCBC in Indonesia's products and services, and capture financial services growth opportunities in Indonesia."

"With the completion of the acquisition process, PTBC will continue to operate as its own entity until the merger process is completed. The management of PTBC is committed to ensuring a smooth merger process by providing high quality banking services to customers. Additionally, business activities will continue as usual," added Lauren Sulistiawati, President Director of PTBC.

The acquisition of a 100% stake in PTBC by OCBC is a significant milestone that will strengthen OCBC's platform in Indonesia, solidify its presence in the financial services industry, and showcase its dedication to the growth of financial services in the country.

About OCBC

PT Bank OCBC NISP Tbk 'OCBC' was established in Bandung in 1941 under the name Nederlandsch Indische Spaar en Deposito Bank. Over its 83 years of journey, the Bank has undergone several name changes, from 'Bank NISP' to 'Bank OCBC NISP', and 'OCBC' on November 14, 2023. As of March 31, 2024, OCBC serves customers through 200 office networks in 54 cities in Indonesia. Furthermore, customers could conduct transaction through the Bank's 495 ATM, more than 90,000 ATM networks in Indonesia, and connected to more than 600 OCBC Group ATM networks in Singapore and Malaysia. OCBC also serves customers through various digital channels, including mobile banking and internet banking – both for individuals and corporations. OCBC is one of the banks with the highest credit ratings in Indonesia, namely AAA(idn)/stable from PT Fitch Ratings Indonesia.