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Commonwealth Bank of Australia sells Indonesian unit to OCBC


Commonwealth Bank of Australia (CBA) announced that it has entered into a binding agreement to sell its 99% shareholding in its Indonesian banking subsidiary, PT Bank Commonwealth (PTBC), to PT Bank OCBC NISP Tbk (OCBC Indonesia), a subsidiary of the Oversea-Chinese Banking Corporation Limited (OCBC) for an upfront cash consideration of approximately AUD220m (USD122m) CBA has been involved in the growth of PTBC since 1997. CBA said the sale of this shareholding is consistent with its strategy to focus on its banking business in Australia and New Zealand. CBA will work with OCBC Indonesia over the coming months on the transition of ownership. Completion of the transaction is subject to a number of conditions, including regulatory approvals from the Indonesia Financial Services Authority and the Monetary Authority of Singapore.

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