Awaiting a better BCA

Awaiting a better BCA

On Thursday, March 14, in the context of BCA divestment, the
government, which controls 51 percent of BCA shares, decided to
sell all its shares to the consortium led by Farallon Capital
Management.

As the new management of BCA, Farallon should be able to
answer the challenge to make BCA a bank that can revive the real
sector, and not simply one that lives on the proceeds from the
interest on bonds and Bank Indonesia promissory notes.

We have been tired by efforts to restructure the national
banking sector. Over Rp 650 trillion has been injected in the
form of bonds, but the national banking sector has yet to regain
its sound condition.

We have not turned a blind eye to the fact that the interest
accruing on the bonds that the state injects every year are spent
on paying the interest on public deposits in banks. The number of
community members with bank deposits, however, is far smaller
than the 200 million Indonesians obliged to pay taxes to the
state.

Farallon's duty isn't easy. It has to put at stake not only Rp
5.3 trillion of its capital to obtain 51 percent of BCA shares
but also its credibility as a responsible investor.

It is unfair of us to judge Farallon before they have done
anything, let alone intimidate them by suggesting the government
should be able to take the shares back and sell them to another
party if Farallon cannot meet the wishes of the public.

It is also improper for the bank's employees to continue
making a fuss about the bank's ownership. If they want to be
appreciated, they should demonstrate their capability as people
who deserve to be valued. If they want to help the country, they
should show their productivity so the bank could contribute more
taxes.

Let's give an opportunity to the new proprietor of BCA to make
the bank better and more professional.

-- Kompas, Jakarta