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SINGAPORE: OCBC Bank plans to merge its two licensed bank subsidiaries in Indonesia, PT Bank OCBC Indonesia and PT Bank OCBC NISP.
The merged bank will be called PT Bank OCBC NISP TBK.
Currently, OCBC is the majority shareholder of both Indonesian institutions.
The lender expects to see revenue, cost and operational synergies with both institutions operating as a single entity.
OCBC said this would benefit all stakeholders including its customers.
The merged bank will also be the only bank bearing the OCBC brand in Indonesia dedicated to serving its customers.
The combined capabilities of the two banks will enable it to serve different customer segments, offering a broader range of products and services.
The merger is subject to the approval of the shareholders of both the Indonesian lenders as well as the country's regulatory authorities.
OCBC said it has already received approval from the Monetary Authority of Singapore on September 17 this year, for the merger.
The target effective date of the merger is January 1, 2011.
-CNA/wk
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