BOC Hong Kong (Holdings), a Bank of China subsidiary, has agreed to acquire the Indonesia and Cambodia banking businesses from its parent.
The Indonesia business will be purchased for HK$1.6bn ($206.15m), while the Cambodia business will be acquired in a $171m deal. Both the deals are subject to regulatory approvals.
Go deeper with GlobalData
BOC Hong Kong CEO Yue Yi said: “Both BOC Jakarta Branch and BOC Phnom Penh Branch offer local customers a wide range of commercial banking products and services.
“The proposed acquisitions of these two branches will further expand BOC HK's regional network, in line with the long-term overseas development strategy of the BOC Group."
“Capitalising on its competitive advantages in services, products and resources, BOCHK will continue to allocate more resources to Southeast Asia and facilitate the steady development of its institutions in the region. It will also proactively expand its business with Mainland enterprises going global, leading local corporates, cross-border customers and high net-worth customers,” Yi added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
