Commonwealth Close to Sealing Bank Buy
The Commonwealth Bank of Australia (CBA) is close to completing its acquisition of a 95% stake in Surabaya-based Bank Arta Niaga Kencana, the founder of the Indonesian bank Harry Wijaya said Wednesday (25/7/07), according to Dow Jones Newswires.
Wijaya declined to mention the value of the transaction, but said that he will get a 20% stake in insurance company PT Commonwealth Life as "compensation".
In June, Commonwealth Bank bought local insurance company PT Astra CMG Life and has renamed it PT Commonwealth Life.
Wijaya declined to mention the value of the transaction, but said that he will get a 20% stake in insurance company PT Commonwealth Life as "compensation".
In June, Commonwealth Bank bought local insurance company PT Astra CMG Life and has renamed it PT Commonwealth Life.