OCBC Bank said it has entered into a conditional sale and purchase agreement with PT Farnella Mandiri Utama to acquire 80% of PT TransAsia Securities for 92 billion rupiah ($12.5 million).
TransAsia is a securities brokerage company incorporated in Indonesia, and is a member of the Indonesia Stock Exchange.
OCBC Bank said the acquisition is in line its strategy to expand its securities brokerage business as an integral part of its wealth management franchise, and deepen its presence in key markets which include Indonesia.
The acquisition is expected to be completed in the third quarter of 2012.
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