OCBC to take majority stake in NISP<\/p>\n
Agence France-Presse,
\nSingapore<\/p>\n
Singapore's Oversea-China Banking Corp (OCBC) said Thursday it
\nwould acquire next year a majority stake in Indonesia's Bank NISP
\nas it seeks to expand its presence across the region.<\/p>\n
OCBC's wholly owned subsidiary, OCBC Overseas Investments,
\nwill raise its stake in Bank NISP, Indonesia's fourth oldest and
\n12th largest bank, by 28.5 percent to 51 percent, subject to
\nregulatory approval in both countries.<\/p>\n
OCBC said in a statement it had entered into a conditional
\nsale and purchase agreement with several Bank NISP shareholders,
\nincluding members of the Surjaudaja family.<\/p>\n
It said it expected the tender offer to be launched and
\ncompleted within three to six months.<\/p>\n
Although the sale price will not be determined until
\nregulatory approval is granted, OCBC will expect to pay about
\nA$160 million (US$98.1 million), based on the Indonesian bank's
\nvalue as of Sept. 30.<\/p>\n
\"With majority control of Bank NISP, OCBC Bank will be well-
\npositioned to achieve its objective of having a significant
\npresence in Indonesia, the bank's third major market,\" OCBC said
\nin the statement.<\/p>\n
The statement also quoted Bank NISP president director
\nPramukti Surjaudaja as welcoming the deal.<\/p>\n
\"I am confident that having OCBC Bank as a majority
\nshareholder will not only strengthen the ownership structure of
\nthe bank but also better position us to anticipate the Indonesian
\nbanking landscape and capture a bigger slice of the growth
\nopportunities in Indonesia,\" he said.<\/p>\n
\"This will significantly benefit our customers, employees,
\ninvestors and other stakeholders.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ocbc-to-take-majority-stake-in-nisp-1447893297",
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"sponsor": "Okusi Associates",
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