The sale of Bank Central Asia has caused a stir. Of the final bidders for Indonesia’s leading retail bank, Standard Chartered was believed to be the favourite. However, the Indonesian Bank Restructuring Agency (Ibra) has announced that the Farallon Capital consortium – a US investment firm – has won the bid to buy a total 51% stake in the bank.
Standard Chartered was the market’s preferred candidate. It would have brought banking experience, new products and its knowledge of the emerging markets to BCA.
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