Citing a Reuters publication, Channel News Asia are reporting that Commonwealth Bank of Australia (CBA) announced on Thursday (16/11/23) that it has agreed to sell a 99-percent stake in its Indonesian unit PT Bank Commonwealth (PTBC) to a local unit of Singapore’s second-largest bank OCBC.
Australia’s biggest lender will sell its stake in PTBC to PT Bank OCBC NISP for about AUD 220-million (approx. USD 142.19-million.)
The decision came more than eight months after PTBC was hit by a cyber-attack involving unauthorised access of project management software, say Channel News Asia.
CBA expects the sale to be broadly neutral to its common equity tier 1 ratio – a closely watched measure of spare cash – which stands at 11.8-percent, as at September 30.
The sale is expected to close in the second or third quarter of 2024, subject to regulatory approvals.
Source: Channel News Asia
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