Commonwealth raises RI stake<\/p>\n
JAKARTA (JP): Commonwealth Bank of Australia announced on
\nMonday it has acquired 99 percent interest in its Indonesian
\njoint venture bank, Bank BII Commonwealth.<\/p>\n
The Australian bank, which already owned 50 percent in the
\njoint venture bank, acquired the other 49 percent for A$13
\nmillion (about US$7.64 million).<\/p>\n
The remaining 1 percent is held by a trust because under
\nIndonesian law an overseas company can't wholly own an Indonesian
\ncompany, a Commonwealth Bank spokesman said.<\/p>\n
Llew Morris, the president of BII Commonwealth, said that the
\njoint venture bank would be relaunched using the Commonwealth
\nBank global brand and would provide a wide range of retail
\nfinancial services.<\/p>\n
\"The full ownership by a strong parent like Commonwealth
\nallows us to invest further in building resources and new
\ntechnology to service our customers,\" Morris said in a statement.<\/p>\n
The 50-50 joint venture with Bank Internasional Indonesia has
\nbeen operating in Indonesian since 1997. Commonwealth Bank,
\nthrough its recent merger with Colonial, also owns 50 percent of
\nthe Indonesian life insurance company PT Astra CMG Life.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/commonwealth-raises-ri-stake-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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