In buying the business, the Singapore-listed group is acquiring a firm with private banking and wealth management capabilities.

The Indonesian subsidiary of OCBC, PT Bank OCBC NISP, has completed its purchase of PT Bank Commonwealth Indonesia, buying all the bank’s shares. PTBC provides services such as wealth management and private banking. 

Singapore-headquartered Oversea-Chinese Banking Corporation initially announced its purchase of the bank in November last year, buying it from Commonwealth Bank of Australia.

Reports late last year said the acquisition price tag was expected to come in at over S$190 million ($140 million). 

The acquired bank was the first bank to obtain a licence as a Mutual Fund Sales Agent from Indonesia’s financial services authority, BAPEPAM-LK (now known as Otoritas Jasa Keuangan).

PTBC will continue to operate independently until the integration process is completed, targeted for the fourth quarter of this year, OCBC said.