SINGAPORE, March 24 (UPI) -- Overseas-Chinese Banking Corp (OCBC), Singapore's third-largest bank, has taken a 22.5 percent stake in Indonesia's medium-sized Bank NISP.
It paid about $70.5 million for the stake.
OCBC said the acquisition would position the bank for long-term growth in Indonesia. Bank NISP is the 12th largest Indonesian bank by assets and has been a joint-venture partner of OCBC's in the country since 1996.
NISP president Pramukti Surjaudaja hinted to the Jakarta Post there was a possibility that OCBC might acquire a majority stake in NISP over time.
Singaporean firms have been very active in the Indonesian banking sector. Temasek Holdings, the government-investment arm, has taken a controlling stake in Indonesia's fifth-largest bank PT Bank Danamon, and is part of a consortium that has a 51 percent stake in PT Bank Internasional Indonesia.
