Bank Central Asia to Merge its Shariah Financing Arm with Rabobank Indonesia

Bank Central Asia (BCA) announced plans to merge its newly acquired Rabobank Indonesia with BCA Syariah, its Shariah-financing arm, in 2021. The planned merger is aimed at capturing bigger opportunities in Indonesia's Islamic finance market.

Finance Director of BCA, Vera Eve Lim, stated that BCA would go forward with the merger once the acquisition of Rabobank Indonesia was completed. In December 2019, BCA acquired all 3.72 million shares of Rabobank Indonesia, for a total sum of USD 20.5 million. Lim added that the focus now was on the completion of the acquisition process with the Financial Services Authority (OJK).

Lim noted that Indonesia's commercial and Small and Medium-sized E...