CBA injects AUS$30 million in Bank ANK to expand market

by uusjio | January 28, 2008 at 05:14 pm

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"We want to strengthen our market share after our merger with Bank ANK," he said.
CBA officially took over Bank ANK in early January 2008 following the signing on July 26, 2007 of an acquisition agreement.
With the merger, all of Bank ANE`s assets, liabilities, licences and agreements were officially taken over by the Australian-based bank.
"The merger is part of our growth strategy as an initial step to strengthen our position in the Indonesian banking industry," he said.
He said CBA believed the merger would enable it to expand its market share, particularly in East Java which had so far been the focus of Bank ANK`s market strategy and to support the CBA`s plan to expand its market in the eastern parts of Indonesia.
The CBA would maintain the Bank ANK`s business which focused on extending credits to the small and medium business sector.
"East Java and ...

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