OCBC Expands Indonesian Market Footprint

Oversea-Chinese Banking Corporation (SG:O39) has released an update.

OCBC has bolstered its position in Indonesia’s banking sector by acquiring PT Bank Commonwealth Indonesia, adding over 1.2 million customers to its subsidiary, PT Bank OCBC NISP Tbk. The acquisition, which was finalized on May 1, 2024, also enhances OCBC Indonesia’s wealth management services, leveraging PTBC’s pioneering experience in mutual fund sales. PTBC, now a wholly-owned subsidiary of OCBC Indonesia, will operate independently until the integration completes in late 2024.

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