Indonesia`s Bank ANK to merge with Australia`s Commonwealth Bank

Jakarta (Antara News) - Indonesia's Bank Arta Niaga Kencana will be merged into Australia's Commonwealth Bank (CBA) once a planned takeover is completed, the banks said Friday.

CBA has already purchased ANK stock held by private shareholders amounting to 57 percent of the bank.

After the merger, CBA, Australia's largest retail bank, will have 50 branches operating on Java and Bali islands.

No lay-offs would occur after the merger, the banks were quoted by AFP as saying.

CBA announced earlier this month that its full-year cash net profit had risen 18 percent to 3.8 billion US dollars on the back of a strong economy, beating profit forecasts. (*)
_________________________
Jawawa.net: Indonesian Business and Investment News Aggregator