Bank ANK to Merge with Commonwealth

Bank Arta Niaga Kencana will be merged into the Commonwealth Bank of Australia (CBA) once a planned takeover is completed, the banks said Friday (31/8/07), according to Agence France-Presse.

CBA has already purchased ANK stocks held by private shareholders, amounting to 57% of the bank.

After the merger, CBA, Australia's largest retail bank, will have 50 branches operating on Java and Bali islands. The banks said no lay-offs would occur after the merger.

CBA announced earlier this month that its full-year cash net profit had risen 18% to $3.8 billion on the back of a strong economy, beating profit forecasts.
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