February 2002
BCA sale may be just the tonic
INDONESIA
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| Bank Bali's deal provoked
anger |
Foreign investors have little interest in Indonesia. The
country is so far off the radar screen for such banks as HSBC,
Salomon Smith Barney and Deutsche Bank that research analysts
specializing in the region no longer cover it.
Yet, even after a disastrous attempt to buy Bank Bali in 1999,
Standard Chartered is again looking to buy an Indonesian bank.
Those keeping an eye on Indonesia are excited - if things go to
plan foreign investor confidence should rise.
Indonesia's government is selling off shares in Bank Central Asia
(BCA). "The sale process consists of a 30% stake in the bank to be
sold immediately and a further 21% stake to be sold pursuant to
exercise of an option," according to the Indonesian Bank
Restructuring Agency (Ibra). The exercise price of the option will
begin at the same price per share as the 30% stake and will
increase over the year...
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