Bank Arta Niaga Kencana will be merged into the Commonwealth Bank of Australia (CBA) once a planned takeover is completed, the banks said Friday (31/8/07), according to Agence France-Presse.
CBA has already purchased ANK stocks held by private shareholders, amounting to 57% of the bank.
After the merger, CBA, Australia's largest retail bank, will have 50 branches operating on Java and Bali islands. The banks said no lay-offs would occur after the merger.
CBA announced earlier this month that its full-year cash net profit had risen 18% to $3.8 billion on the back of a strong economy, beating profit forecasts.