Indonesia’s BCA to merge Islamic unit with Rabobank post-acquisition
Indonesia's PT Bank Central Asia will merge its Islamic subsidiary, BCA Syariah, with acquisition target Rabobank after the deal is completed.
BCA’s shareholders on July 30 approved the acquisition of all of Rabobank’s 3.719 million shares for a fixed premium of $20.5 million plus a one-time adjusted book value at the time of closing. The bank expects the acquisition to be completed by the end of September.
Rabobank wound down its operations in June. It announced it was gradually closing in May 2019 when president director Jos Luhukay said the decision was taken in line with the global business strategy of the Netherlands-headquartered Rabobank Group that would focus its business on the supply chain of food and agriculture.
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