Sep 23, 2010

OCBC NISP & OCBC Indonesia to merge

PT Bank OCBC NISP Tbk and PT Bank OCBC Indonesia is planning to merge, aiming at making operation more efficient and providing improved service to the costumers.
President Director OCBC NISP Parwati Surjaudaja said that the main purpose of combining two banks is to be a stronger financial institution with improved performance under the same shareholder, OCBC Group.
“Certainly, one of the purposes is to be a stronger institution. Also, to reduce the confusion of stakeholder that there are two banks with the same name,” she said as reported by Bisnis.com today.
She revealed the goal of the merger is that the management can give better services and more complete financial products.
In a formal statement, she explained that Bank OCBC NISP is a public company with 81.9% shares belonging to OCBC Bank Singapura.
Meawhile, PT Bank OCBC Indonesia is a limited company with 99% shares held by OCBC Bank Singapura and the remaining 1% held by Bank OCBC NISP.
After the merger finishes, both banks is planning to bring the name and logo of PT Bank OCBC NISP Tbk, meaning that Bank OCBC Indonesia is removed without any liquidation process.
“The process of merger will take effect after getting approval from the extraordinary meeting of shareholders, Capital Market and Financial Institution Supervisory Agency, Bank Indonesia, and Minister of Justice and Security that is expected to complete by January 1, 2011,” Parwati said.
Lo Nyen Khing, President Director and CEO Bank OCBC Indonesia, disclosed that after the synergy of both banks, the costumers of OCBC Indonesia will receive more benefits from service in 4,000 branch offices of OCBC NISP in 62 big cities in Indonesia, plus access to 37,000 ATM.

Disclosure: No position at the stock mentioned above.

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