CIMB-JTrust Lay eye on Bank Commonwealth Shares to Flex Business Reach

By Editorial Team 02/11/2023
More capital for banks
Summary

Malaysian bank CIMB and Japanese financial firm JTrust are reportedly vying for a stake in Bank Commonwealth Indonesia. Reuters' report on Oct 31 shows that they are competing by offering a valuation of US$400 million to US$500 million. According to sources cited by Reuters, Morgan Stanley will serve as the financial advisor in this corporate action. The source mentioned that Morgan Stanley has asked bidders to submit binding offers at the beginning of November.

In response to this information, the management of Bank Commonwealth Indonesia stated that they do not provide comments. "According to our company regulations, we do not comment on market rumours and speculation," the statement read. Currently, 99 percent of Bank Commonwealth's shares are owned by the Commonwealth Bank of Australia (CBA). In Indonesia, Bank Commonwealth focuses on retail loans and corporate banking services for small and medium-sized enterprises. The assets of Bank Commonwealth Indonesia reached US$1.1 billion in 2022.

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