PT Towers Watson Purbajaga and PT Towers Watson Indonesia announce merger in Indonesia
WTW, a leading global advisory, broking and solutions company, announced that it is changing its legal structure in Indonesia to streamline its business operations in the country.
The legal entity, PT Towers Watson Purbajaga (TWP), will merge with PT Towers Watson Indonesia (TWI), and operate under PT Towers Watsons Indonesia. Effective today, TWP will be dissolved and ceased to exist. Under the terms of the merger, there will be no material difference in dealing with WTW because of these changes.
Kames Natakusumah, Head of Indonesia and Head of Corporate Risk & Broking Indonesia, WTW said “The merger of the entities will not affect our approach to the work and services that we provide for our clients. Our focus has always been on providing our clients with professional services of the highest standard and this will continue.”
WTW colleagues from TWP will be transferred to TWI and the points of contacts for WTW clients in Indonesia will remain the same.
ABN AMRO to complete the legal merger on 29 June 2019
ABN AMRO has received all relevant declarations of no objection from regulatory authorities for the legal merger between ABN AMRO Bank N.V. (ABN AMRO Bank) and ABN AMRO Group N.V. (ABN AMRO Group). The execution of the legal merger deed is scheduled for 28 June 2019. As a consequence, the legal merger is set to become effective on 29 June 2019.
ABN AMRO Bank will be the remaining entity and ABN AMRO Group will cease to exist. As a result, all shares in ABN AMRO Group will become shares in ABN AMRO Bank and each depositary receipt will subsequently represent one share in ABN AMRO Bank. The depositary receipts will continue to trade at Euronext Amsterdam under the existing ISIN NL0011540547. The legal merger has no implications for holders of debt securities issued by ABN AMRO Bank.
The merger will have a positive impact on several capital ratios. On a pro forma basis, the Q1 2019 capital ratios will improve as follows: the Tier 1 ratio improves to 19.8% (from 18.9%), the total capital ratio to 25.8% (from 21.7%) and the leverage ratio to 4.3% (from 4.1%).
The legal merger will also remove the MDA shortfall (Maximum Distributable Amount) and simplify administrative processes. It will have no other material effects.