Banks reject speculation over DBS Indonesia–BCA merger
BCA shares gained 7.65 per cent on 28 October, but it remains unclear whether merger speculation influenced the rise.
DBS has dismissed speculation about a share-swap merger between its Indonesian subsidiary and Bank Central Asia (BCA). BCA’s President Commissioner Jahja Setiaatmadja also denied the proposed combination, according to Indonesian media reports.
The Straits Times reported that the rumours spread across Indonesian social media on 28 October, when BCA’s stock rallied. The shares ended trading at Rp5,275 after gaining 7.65 per cent. Whether the speculation contributed to that increase remains unclear.
The social media accounts described an arrangement under which BCA would issue new shares to shareholders of DBS Indonesia. BCA would remain as the surviving entity under the purported transaction.
Mona Monika, DBS Indonesia’s Head of Group Marketing and Communications, issued a separate denial of the rumours.
Ownership figures in DBS Indonesia’s annual report for 2025 show DBS Bank with a 99 per cent holding in the subsidiary. The other 1 per cent was held by BCA.
