BCA shareholders gave their consent to the bank’s plan to acquire Rabobank’s 3.72 million shares during an extraordinary general meeting on July 30.

The shares represent full ownership of the company, which is currently owned by Dutch bank Cooperative Rabobank UA, PT Aditirta Suryasentosa, PT Antarindo Optima, PT Antariksabuana Citranagara and PT Mitra Usaha Kencana Sejati.

“The total value of this acquisition will refer to a fixed premium of US$20.5 million plus a one-time adjusted book value on closing in September 2020,” BCA said in a statement.

After getting the approval of its shareholders, BCA said it would submit applications to the Financial Services Authority (OJK) to get the body’s approval for the acquisition. The process is expected to be complete by the end of the third quarter of this year.

BCA stocks, traded on the Indonesia Stock Exchange (IDX) under the symbol BBCA, had dropped 1.52 percent as of 11:04 Jakarta time on Monday as the exchange’s main gauge, the Jakarta Composite Index (JCI), plunged 2.75 percent.

Foreign investors dumped, on net, Rp 135.8 billion worth of BCA stocks during Monday morning trading as the local stock market was hit by negative sentiments because of contractions announced by big economies such as the United States, France and Germany, last week. The bourse as a whole recorded a foreign net sell of over Rp 878 billion.

Previously BCA corporate secretary Raymon Yonarto said the acquisition of Rabobank Indonesia aimed to support Indonesia’s banking architecture.

“It is also meant to support our subsidiaries’ existing businesses,” he said in a statement to the IDX last year.

The bank would also study the possibility of merging Rabobank with a BCA subsidiary in the future, according to the statement.

Rabobank’s acquisition will be the second recent acquisition by BCA. In November 2019, BCA took complete ownership of Bank Royal for Rp 988.05 billion (US$67.24 million).

Rabobank Indonesia announced earlier last year that it would stop operations in June 2020. President director Jos Luhukay said the decision was made to align with the global business strategy of the Rabobank Group, which would focus on the supply chain of food and agricultural products.