The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Farallon nips deal from Standard Chartered

Indonesia

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. But many of Indonesia's bankers are not surprised that Farallon has won.

Standard Chartered's final bidding price is believed to have been Rp1,800 a share, compared with Farallon's offer of Rp1,775 a share. Indeed the minister for state-owned enterprises in Indonesia said at a press conference that Standard Chartered made the highest bid. However, price was only half of the overall bidding criteria. The remaining 50% was based on consortium structure, the proposed business plan for the future of BCA and adherence to the terms and conditions in the sale and purchase agreement.


Standard Chartered claims that, among others, it was approached by Ibra to review its original bid.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree