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Jakarta finally choses BCA winner

Jakarta finally choses BCA winner

(Indonesia) - Indonesia has finally chosen the winning bid for a majority stake in the country's largest retail bank after a much delayed and protested sale process. The sale of Bank Central Asia (BCA) has been finalised pending a few "administrative matters that have to be completed", according to authorities.

Standard Chartered Bank and US investment firm Farallon are the two remaining bidders, with the former still tipped to win the result.

The Indonesian Bank Restructuring Agency (IBRA) controls 60.3 percent of BCA following its acquisition from Indonesia's Salim family in the late 1990s amidst the Asian financial crisis.

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