DBS denies rumours of Indonesian subsidiary merger with Bank Central Asia; analysts cautious on deal
The Singapore lender has previously been linked to potential acquisitions in Indonesia
Singapore’s DBS Group has denied market speculation of a potential merger between its Indonesian subsidiary, PT Bank DBS Indonesia, and BCA, the largest private bank in Indonesia. Rumors circulated on social media platforms that DBS Indonesia would be merged with BCA, with shareholders receiving newly issued BCA shares as compensation.
However, a DBS spokesman stated, "There is no truth to this rumour." The rumor caused BCA shares to surge by 7% on Oct 28, with some attributing the spike to the speculation. PT Bank DBS Indonesia offers various banking services across Indonesia, while BCA, headquartered in Jakarta, is Indonesia's largest private bank, controlled by the Hartono brothers.
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