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Jakarta Post

OCBC NISP, OCBC Indonesia merger approved

  • The Jakarta Post

  /   Wed, November 10 2010   /  10:53 am

JAKARTA: Shareholders of Bank OCBC NISP and Bank OCBC Indonesia have officially approved the two banks’ planned merger, a top executive said Tuesday

OCBC NISP president director Parwati Surjaudaja said the merged lender would operate under the name of Bank OCBC NISP,and would have total combined assets of Rp 47.6 trillion (US$5.31 billion).“We expect the merger to take effect on January 1, 2011,” Parwati said at a press briefing in Jakarta on Tuesday.

Singapore’s OCBC Bank is the controlling shareholder in both banks. OCBC NISP shares (NISP) closed higher following shareholder approval of the merger, ending at Rp 1,650, up 1.23 percent or 20 points. Shares in OCBC NISP, which has a total market capitalization of Rp 9.6 trillion, have jumped about 57 percent so far this year. — JP...