Wednesday, December 28, 2005

OCBC to merge Indonesian subsidiaries

OCBC Bank, one of the largest regional banks based in Singapore, is ready to merge its two banks in Indonesia in a move to comply with the single presence policy to be implemented next year.
Investor Daily reported today that president director of Bank NISP (a subsidiary of OCBC) Pramukti Surjaudaja indirectly signalled the merger of NISP and OCBC Indonesia (another subsidiary of OCBC).
OCBC, through its subsidiary OCBC Overseas Investments Pte Ltd, increased its shares in Indonesian Bank NISP to 70.62% in June 2005. NISP is a medium-size bank with total assets of 19 trillion rupiah (around US$2 billion), while OCBC Indonesia has total assets of 2.08 trillion rupiah (US$200 million).
OCBC has combined assets of S$128 billion and a network of 112 branches and representative offices in 14 countries and territories including Singapore, Malaysia, Indonesia, China, Hong Kong, Japan, Australia, UK, and USA.
Yesterday the newspaper also reported a possible merger of two Indonesian banks owned by Temasek Holdings (Singapore), the BII and Bank Danamon, a move that could create a fifth largest bank in the country.
Singapore-based UOB Group is not yet responding to the possible consolidation of its Indonesian subsidiaries, the UOB Indonesia and Bank Buana. UOB has increased its ownership at Bank Buana to 61% through a tender offer of another 8% shares with US$45 million.

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