OCBC acquired Commonwealth Bank. What is the reason?
Please note that this article was automatically translated using Microsoft Azure AI, Open AI, and Google Translation AI. We cannot ensure that the entire content is translated accurately. If you spot any errors or inconsistencies, contact us atThe Group Chief Executive Officer of OCBC, Helen Wong, gave a speech at the launch event of the latest brand and logo of OCBC bank in Jakarta on Tuesday .or PTBC.
Both also took over the business lines of foreign bank branches . This is inseparable from the policies of each KCBLN head office orUOB Bank's acquisition of Citibank's consumer banking in Indonesia on 18 November 2023, for example, marked UOB Bank's entire acquisition of Citigroup's consumer banking business, which consists of unsecured and secured portfolio businesses, wealth management, and retail deposits in four ASEAN countries.
Previously, OCBC Indonesia has signed a sale and purchase agreement with PTBC to purchase 99 percent of its shares as of November 16, 2023. The acquisition will continue against 1 percent of PTBC shareholders after being approved by the OJK, the general meeting of shareholders , and the fulfillment of other conditions. The funds prepared for this corporate action reached IDR 2.2 trillion.
Thus, OCBC hopes that the acquisition will increase its business scale, especially in the consumer and MSME segments. PTBC also has complementary capabilities in wealth management and automated joint financing that can be utilized to expand OCBC's product and service offerings. OCBC, as Parwati continued, always remains open and mindful of business opportunities with a principle of caution. Moving forward, OCBC will also continue to build strong resources and capabilities to support the development of customer aspirations by providing comprehensive and best financial services.
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