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Stanchart loses out in BCA play

Stanchart loses out in BCA play

(Indonesia) - Standard Chartered has lost to US investment company Farallon Capital Management in the bidding for a majority stake in Indonesia's Bank Central Asia (BCA), which is paying US$531 million. Stanchart is understood to be bitterly disappointed at losing the bidding even though it claims that it was led to believe its offer was the best and the highest. Specific conditions within the Bank's bid, however, did not find favour with the vendor.

Farallon is understood to have been joined by Deutsche Bank.

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