DBS Indonesia and Bank Central Asia Deny Merger Rumours
DBS Indonesia and Bank Central Asia (BCA) have both denied recent speculation regarding a potential merger. Rumors circulating on Indonesian social media suggested a share exchange where DBS Indonesia's shareholders would receive newly issued BCA shares, making BCA the surviving entity, coinciding with a rally in BCA's stock.
Speculation on Indonesian social media suggested a merger between DBS Indonesia and Bank Central Asia (BCA), proposing that shareholders of DBS Indonesia would exchange their holdings for newly issued BCA shares. This rumored transaction described BCA as the surviving entity, effectively absorbing DBS Indonesia's operations and shareholder base.
However, both financial institutions have explicitly rejected these claims. Mona Monika, Head of Group Marketing and Communications at DBS Indonesia, and Jahja Setiaatmadja, BCA’s President Commissioner, have each separately denied the merger speculation, according to Indonesian media reports.
These rumors coincided with a notable 7.65 percent rally in BCA's shares on October 28, closing at Rp5,275. While the speculation circulated during this period of rising share value, its direct impact on the share price movement remains unclear, as reported by The Straits Times. The firm denials from both banks underscore the lack of substance behind the market chatter.
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