OCBC completed the acquisition of a 99% stake in Bank Commonwealth from Commonwealth Bank of Australia for $143m.

OCBC, a multinational banking and financial services corporation, completed the acquisition of a 99% stake in Bank Commonwealth, a banking services provider, from Commonwealth Bank of Australia, a multinational bank, for $143m. “With the acquisition process now complete, our immediate priority is to ensure the successful operational integration of PT Bank Commonwealth Indonesia into OCBC Indonesia. We are working closely with its management team and are committed to a smooth transition for the customers and employees. Customers of both banks have a lot to look forward to as we leverage our complementary strengths to expand our product and services offerings in Indonesia," Helen Wong, OCBC CEO.