OCBC: Proposes to purchase 80% of PT TransAsia Securities for Rp92b ($12.5m). The consideration took into account that the adjusted NAV of TransAsia will be at least Rp 100b after the sale is completed. TransAsia was established in 1990 and had net tangible assets of ~Rp62.5b as at end-2011. The acq is expected to be completed in 3Q12.
OCBC believes the acq is in line with its New Horizon III strategy to expand its securities brokerage business as an integral part of its wealth mgt franchise and deepen its presence in key mkts which include Indonesia.
The deal is the latest by a Singapore bank to target Indonesia. DBS at the start of the month announced a $9.1 b bid for Indonesia's Bank Danamon.
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