The Commonwealth Bank of Australia (CBA) announced it has sold 99 per cent of its holding in its Indonesian counterpart, PT Bank Commonwealth (PTBC), to the Indonesian subsidiary of Oversea-Chinese Banking Corporation (OCBC).

The binding agreement concerns an upfront cash consideration of approximately AUD $220 million, which CBA said was “consistent” with its “strategy to focus on its banking business in Australia and New Zealand”.

The transaction, pending regulatory approvals from the Indonesia Financial Services Authority and the Monetary Authority of Singapore (MAS), is set to be completed in the second or third quarter of 2024.

In a statement, CBA said it “looks forward to working with OCBC Indonesia over the coming months on the transition of ownership”.