BCA will merge Rabobank with BCA Syariah in early 2021

TEMPO.CO, Jakarta – PT Bank Central Asia Tbk or BCA submitted further plans after acquiring PT Bank Rabobank International Indonesia (Rabobank).

BCA’s CFO Vera Eve Lim said that the company plans to merge Rabobank with PT Bank BCA Syariah in early 2021. This follow-up process is part of the company’s plan to expand the subsidiary’s business, BCA Syariah, through organic and inorganic growth strategies.

He rejected this follow-up plan to compete with SOEs, which also plan to merge Islamic banks, a subsidiary of state-owned banks.

“The moment happened found it too inorganic. This is what we are planning with BCA Syariah, “he said in pubex live ID, Friday 28 August 2020.

Vera added that the company’s focus at the moment is to complete the acquisition process of Bank Rabobank. Following EGMS ‘approval of the plan to acquire Rabobank shares at the end of July, the company is in the process of submitting approval to the regulator, namely the Financial Services Authority.

BCA and its subsidiary PT BCA Finance plan to purchase 3.72 million shares and 1 share, respectively, from Rabobank shareholders, which represent 100 per cent of the total issued and paid-up shares in Rabobank.

If this process goes well, he said, the company hopes that the acquisition can be completed in September 2020 and will be continued for the Rabobank merger process with BCA Syariah.

According to him, if all processes go smoothly, the merger can be completed early next year. Furthermore, after the merger, BCA Syariah capital can reach Rp 2 trillion.

“Rabobank’s capital is in position in June in the region of 384 billion dollars as of June 2020. Earlier this year, we also just added capital to BCA Syariah of one trillion trillion,” he said.


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