Bank Central Asia (BCA) is an Indonesian bank founded on August 10, 1955. In 2016 BCA overtook DBS Bank of Singapore as Southeast Asia's biggest lender by value, with a market capitalisation of US$24.5 billion (S$34.2 billion).
The Asian financial crisis in 1997 had a tremendous impact on Indonesia's entire banking system. In particular, it affected BCA's cash flow and even threatened its survival. Panic rush forced the bank to seek assistance from the Indonesian government. The Indonesian Bank Restructuring Agency took over control of the bank in 1998.Somehow full recovery was accomplished later in the same year. In December 1998, third-party funds were back at the pre-crisis level. BCA's assets stood at Rp 67.93Â trillion, as opposed to Rp 53.36Â trillion in December 1997. Public confidence in BCA was fully restored, and BCA was released by IBRA to BI in 2001
Subsequently, BCA took a major step by going public. The IPO took place in 2000, selling 22.55% of BCA's shares that were being divested by IBRA. After the IPO, the agency still controlled 70.3% of BCA's total shares. The second Public Offering took place in June and July 2001, with IBRA divesting an additional 10% of its interest in BCA. In 2002, IBRA divested 51% of its BCA shares through a strategic private placement tender. The Mauritius-based Farindo Investment won the tender. There is a BCA representative office in Singapore.
Logo BCA
History
BCA was officially founded on February 21, 1957 with name Bank Central Asia NV. Many things have traversed since the bank was founded, but perhaps the most significant was the monetary crisis in 1997.
The crisis had a tremendous impact on the overall banking system in Indonesia It affected BCA's cash flow and even threatened the continuation. Many clients panicked and withdrew their cash. As a result, the bank forced ask for help from the Indonesian government. the Indonesian Bank Restructuring Agency (BPPN) then took over BCA in 1998.
Thanks to good business decision-making, BCA successfully recovered in the same year. In December 1998, its fund returned to the point before the crisis. BCA's assets reached Rp 67.93Â trillion, whereas in December 1997 they were only Rp 53.36Â trillion. Public confidence in BCA has fully recovered, and BPPN submitted BCA to Bank Indonesia in 2000.
References
External links
- BCA Official site
- KlikBCA Official site (in Indonesian)
- CNN coverage on sale of BCA to Farindo Investments
- BCA Logo Vector (in Indonesian)
