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

Stock image by Kgbo on Wikepedia Creative Commons


The post Commonwealth Bank of Australia to sell Indonesian Unit to OCBC appeared first on Invest Indonesia.