Singapore’s largest lender denies merging unit with bank of Indonesia’s richest man
Singapore’s largest lender DBS has denied rumors of a potential merger between its unit and Indonesia’s top private lender Bank Central Asia (BCA), controlled by Indonesia’s richest billionaire Robert Budi Hartono.
DBS, Singapore's largest lender, has firmly denied recent merger rumors circulating on Indonesian social media. Reports claim that BCA would absorb PT Bank DBS Indonesia, a subsidiary of the Singaporean bank, and offer newly issued BCA shares in exchange for the shareholders of PT Bank DBS Indonesia. The rumor suggested that BCA's share price would rise, but DBS clarified that the claim is false.
The social media posts were reported by The Straits Times. BCA's share price did indeed increase by 7% on Wednesday, possibly due to the merger speculation. This is not the first time BCA has been targeted by merger rumors; earlier this year, businessman Andi Syamsudin Arsyad, also known as Haji Isam, was rumored to be targeting the bank for acquisition.
DBS swiftly denied this claim, stating it would continue to operate prudently. BCA is Indonesia's largest private bank by market capitalization, with its ultimate controlling shareholder being Robert Budi Hartono, with a net worth of $12.9 billion.
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