Indonesian-owned Lippo Bank California is in discussions about a sale to Commercial Bank of San Francisco, according to a senior Lippo official.
"We are talking with each other, with an intent to move ahead," James Per Lee, president at Lippo Bank, said of plans to sell Lippo to Commercial Bank.
He told International Banker, an American Banker newsletter, that the two banks would make public details about the deal, such as its price, when negotiations are completed "in a week or two."
A one-branch institution located in downtown San Francisco, Commercial Bank has historic ties to Asia.
Commercial Bank of San Francisco president Robert Fuller Jr. said it was founded in 1990 by a group of investors, about half of whom were based in Hong Kong, Taiwan, the Philippines, and South Korea.