In 2004, we acquired a 22.5% stake in PT Bank NISP Tbk (“Bank NISP”), our joint-venture partner in PT OCBC Indonesia since 1996. Bank NISP’s business focus complements OCBC Bank’s strengths and target growth segments in the SME and consumer banking business.
With the completion of this transaction, Bank NISP became an associate company of OCBC Bank. Bank NISP was ranked the 12th largest Indonesian bank by assets and had a network of 135 branches and offices and, over 3,000 shared ATMs.
In 2008, Bank NISP was renamed Bank OCBC NISP to reflect both our close ties and to acknowledge the trust and support shown by OCBC Bank as the major shareholder.
By that point, Bank OCBC NISP’s network had expanded to over 360 branches and offices and more than 20,000 shared ATMs nationwide.