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Jakarta Post

BCA to acquire Rabobank Indonesia by end of Q3

  • Riska Rahman


Jakarta   /   Thu, August 6 2020   /  01:00 am
People make transaction at private lender BCA's automated teller machine (ATM) in Jakarta on April 5, 2020. (JP/Nurhayati)

Publicly listed Bank Central Asia (BCA) expects to complete its acquisition of agriculture-focused Rabobank Indonesia by the end of the third quarter of this year, having received approval from shareholders. 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 Financia...