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JAKARTA - PT Bank OCBC NISP Tbk (NISP) and PT Bank Commonwealth (BC) will merge after completing 100% of the acquisition of BC’s shares. The Extraordinary General Meeting of Shareholders (EGMS) discussing this plan will take place on August 2, 2024.

In the prospectus quoted Tuesday (11/6), the result of EGMS will be announced publicly on August 6, with effective date of this merger of NISP and BC is projected to be set to September 1, 2024. This merger will reportedly not change the articles of association of NISP.

The authorised capital and issued and paid-up capital of NISP will also remain the same post-merger, as 100% of BC’s shares have been taken over by NISP. The authorised capital of NISP is recorded at IDR 6.25 trillion, followed by issued and paid-up capital of IDR 2.86 trillion. OCBC Overseas Investments Pte Ltd owns 85.08%, while public investors share another 14.91%.

In 2023, BC reported loss after taxes of IDR 788.7 billion, higher than the loss of 2022 worth IDR 350.8 billion. Its gross and net non-performing loan (NPL) ratio was 2.11% and 1.23%, respectively.

NISP booked net profit of IDR 1.52 trillion as of April 2024, up from IDR 1.35 trillion seen in 2023. As of December 2023, its net profit also grew IDR 3.32 trillion to IDR 4.09 trillion. (LK/ZH)