PT Bank OCBC NISP Tbk entered into a binding agreement to acquire 99% stake in PT Bank Commonwealth from Commonwealth Bank of Australia for approximately AUD 220 million.

PT Bank OCBC NISP Tbk (IDX:NISP) entered into a binding agreement to acquire 99% stake in PT Bank Commonwealth from Commonwealth Bank of Australia (ASX:CBA) for approximately AUD 220 million on November 16, 2023. Transaction is subject to regulatory approval from the Indonesia Financial Services Authority and the Monetary Authority of Singapore. The completion of the Transaction is currently expected to occur in the third quarter of 2024.

Morgan Stanley (NYSE:MS) acted as financial advisor to Commonwealth Bank of Australia (ASX:CBA). Amelia Morgan of Herbert Smith Freehills and Vik Tang, Abimata Putra of Hiswara Bunjamin & Tandjung acted as legal advisor to Commonwealth Bank of Australia (ASX:CBA) & PT Bank Commonwealth. Allen & Gledhill and Assegaf Hamzah & Partners acted as legal advisor to PT Bank OCBC NISP Tbk (IDX:NISP).