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Thursday, 12 December 2019 - 15:13 WIB

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illustration (CNBC Indonesia)

illustration (CNBC Indonesia)

Spent Rp. 397 Billion, BCA Acquired Rabobank

NUSADAILY.COM – JAKARTA – PT Bank Central Asia Tbk (BBCA) has begun to run a plan to develop its existing subsidiary. This can be seen with the announcement of the planned acquisition of PT Bank Rabobank Indonesia.

Quoted from the stock exchange openness site (IDX), Thursday (12/12), BCA and its subsidiary, BCA Finance, which acted as buyers signed a purchase contract with Rabobank Indonesia shareholders or acted as sellers. The sellers are Cooperatieve Rabobank UA, PT Aditirta Suryasentosa, PT Antarindo Optima, PT Antariksabuana Citanagara, and PT Mitra Usaha Kencana Sejati.

“The company will examine the possibility of a merger between the bank to be taken over with other BCA subsidiary entities,” BCA said in a statement as quoted by Kumparan.

Under the contract, BCA and its subsidiaries will purchase all shares of Rabobank Indonesia or equivalent to 3,719,070 shares held by the seller. The total transaction value reached IDR 397 billion.

“The estimated value of the transaction plan is Rp. 397 billion. This value will be adjusted by calculating Rabobank Indonesia’s income or loss on the date of the completion of the Transaction Plan (transaction closing),” he said.

BCA explained that the completion of the transaction plan will be subject to preliminary requirements as agreed by the parties in the agreement, including obtaining relevant agreements, among others, approval from the Financial Services Authority (OJK) on the acquisition of Rabobank Indonesia’s shares by the Company.

Rabobank Indonesia’s acquisition plan is also in accordance with Indonesia’s banking architecture program. In addition, the acquisition also supports the development of BCA’s existing subsidiary businesses.

Rabobank Indonesia is a subsidiary of Rabobank Group, based in Utrecht, the Netherlands. Rabobank Indonesia’s business focus is on financing the food and agribusiness sector. In Indonesia, Rabobank has been operating for 29 years. However, since the end of April 2019, Rabobank has stopped operating services in Indonesia.(top)

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