Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Topics
Bajaj Finance | Commonwealth Bank
Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Bajaj Finance Ltd. and Cathay Financial Holding Co. are among the firms considering bids for Commonwealth Bank of Australia’s business in Indonesia, people familiar with the matter said.
The Indian and Taiwanese companies have had talks with advisers about potential offers for PT Bank Commonwealth, the people said. Other companies in the industry could bid for the business, the people said. A sale could value the business at several hundred million dollars, Bloomberg News has reported.
Considerations are at an early stage, the bidders could decide not to proceed and CBA may choose not to sell the unit, the people said. Representatives for Bajaj and CBA declined to comment, while Cathay Financial didn’t immediately respond to requests for comment.
Bank Commonwealth focuses on retail banking as well as financial offerings for small-to-medium enterprises in Indonesia, according to its website. It also provides wealth management services and had total assets of 20 trillion rupiah ($1.3 billion) as of April 2021.
A sale would follow CBA’s disposal last year of a 10% stake in China’s Bank of Hangzhou Co. to arms of the Hangzhou municipal government for 8.3 billion yuan ($1.2 billion).
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, March 24 2023. 12:59 IST
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Author: Ricardo Goulart ... Read more
Author: Gerardine Lucero  ... Read more
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more