Shareholders approve OCBC merger
The Jakarta Post, Jakarta | Tue, 11/09/2010 5:16 PM
Shareholders of Bank OCBC NISP and Bank OCBC Indonesia have approved the proposed merger of the banks, a top executive said Tuesday.
OCBC NISP president director Parwati Surjaudaja said the new entity would operate under OCBC NISP's brand and have total combined assets of Rp 47.6 trillion.(US$5.3 billion).
"We hope the merger will take effect as of January 1, 2011," Parwati told a press conference in Jakarta on Tuesday.
OCBC NISP and OCBC Indonesia are controlled by Singapore's OCBC Bank.
Shares in OCBC NISP remained unchanged following the approval, trading at Rp 1,630 per share at 2:30 p.m. Jakarta time.
