Commonwealth Bank of Australia (CBA) today announced that it has completed the sale of its 99% shareholding in its Indonesian banking subsidiary, PT Bank Commonwealth (PTBC), to PT Bank OCBC NISP Tbk (OCBC Indonesia), a subsidiary of Oversea-Chinese Banking Corporation Limited (OCBC).
The transaction was initially announced in November 2023 and completion follows the provision of regulatory approvals from the Indonesia Financial Services Authority (Otoritas Jasa Keuangan, or OJK) and the Monetary Authority of Singapore.
OCBC Indonesia, which is the ninth largest bank in the country by total assets and is listed on the Indonesian Stock Exchange, assumes ownership over PTBC which has more than 1.2 million customers, with total assets of c.A$1.8bn and net assets of c.A$390m as at 30 June 2023.
The sale of the shareholding in PTBC is consistent with CBA's strategy to focus on its banking business in Australia and New Zealand. The transaction is expected to be broadly neutral to the Group's Common Equity Tier 1 ratio.
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