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BCA sale may be just the tonic

INDONESIA

       
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 at a rate of 18%.



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