Press Release Press Release - Commonwealth Bank

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Press Release Press Release - Commonwealth Bank

Press Release Press ReleasePRESS RELEASEBank CommonwealthBank ANK SignAcquisition DeedSurabaya, 26 July 2007 - Surabaya opens a new page on the national banking,particularly in East Java, by the signing of the acquisition deed by BankCommonwealth President Director Symon Brewis-Weston and Bank ANKPresident Director Oma Emen Asmadi. Signing of the acquisition deed is the initialstep of the merger process that will create synergy, improve growth, andstrengthen the banks’ positions in the local and national banking industry”, saidSymon Brewis-Weston.Both banks have their superiority that will be capable of strengthening the bankingbusiness in East Java. Bank ANK has the superiority of providing bankingproducts for small and medium enterprises, while Bank Commonwealth (BC) hasits international network and relations.This step is an important part of Bank Commonwealth’s strategy to develop inEastern Indonesia. “We see potential significant growth of Eastern Indonesia’seconomy in 10 to 15 years ahead”, said Symon Brewis-Weston.“Bank Commonwealth’s undoubted reputation and serious commitment to developBank ANK are two main reasons why the shareholders chose BankCommonwealth as the investor having the synergy with Bank ANK”, said OmaEmen Asmadi.By the signing of this SPA, Bank Commonwealth has become the majorityshareholder by owning 83% shares of Bank ANK. The process of offering to takeover the 83% shares of Bank ANK went on from 12 January 2007 to 7 February2007 when the Bank ANK’s General Meeting of Shareholders approved of suchtakeover. Then, on 21 June 2007, Bank Commonwealth announced the limitedoffer (tender offer) to ANK’s public shareholders.In the framework of this merger, an alignment team has been formed, consisting ofa team of Bank Commonwealth and Bank ANK, tasked with ascertaining that bothbanks’ integration process goes on smoothly.A glance of Bank CommonwealthBank Commonwealth (BC) was established in 1997 with The CommonwealthBank of Australia (CBA) and BII as the joint share owners. In 2000, however, BCoperated with CBA as the majority shareholder. Bank Commonwealth’s bankingservices include the ComLoan loan products that include the House OwnershipCredits, Multi-purpose Credits, Commercial Credits, Credits for Small and MediumEnterprises, investment products, and treasury products, while its savingsproducts include the Daily Comm Savings, Austudent CommPro andCommInsure, and Bancassurance Products.A glance of the mergerPage 1 of 3


Press Release Press ReleaseIn January 2007, Bank Commonwealth offered to take over 83% shares of BankANK, and then the Bank ANK’s General Meeting of Shareholders approved ofsuch takeover. The merger of both banks will strengthen their positions in the localand national banking industry, particularly with the capital support, technologicalsupremacy, and international business network possessed by BankCommonwealth. Both also have their superiority capable of strengthening thebanking business in East Java. Bank ANK has the superiority to provide thebanking products for small and medium enterprises, and Bank Commonwealth(BC) has its international network and relations.______________________________For further information, please contact:Haviez GautamaCorporate Communication ManagerBank CommonwealthPhone:E-mail: haviez.gautama@commbank.co.idPage 2 of 3


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