CIMB, J Trust among suitors for Indonesian bank

CIMB and J Trust have expressed interest and are looking at submitting binding bids, sources said. — Reuters

SINGAPORE: Malaysian bank CIMB and Japanese finance company J Trust are among firms vying to buy Indonesia’s PT Bank Commonwealth, a deal that could value the lender at US$400mil to US$500mil, according to two sources with knowledge of the matter.

Bank Commonwealth, which is 99% owned by Australia’s biggest lender Commonwealth Bank of Australia (CBA), focuses on retail lending as well as corporate banking services for small and medium enterprises.