Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Bajaj Finance, Cathay Financial Weighing CBA Indonesia Bids: Reports
The Indian and Taiwanese companies have had talks with advisers about potential offers for PT Bank Commonwealth, the people said
Topics
Bajaj Finance | Commonwealth Bank
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).
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, March 24 2023. 12:59 IST
RECENT NEWS
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more