BCA test deadline set for Monday

The Jakarta Post, Jakarta

Bank Indonesia said that bidders for Bank Central Asia (BCA) must complete all required documents for the central bank's fit and proper test no later than Monday, Jan. 28, the same date on which bidders must submit their final bids.

Bank Indonesia senior deputy governor Anwar Nasution said on Friday he expected the central bank to begin its fit and proper test on the bidders by next Monday at the latest.

"There are only three days left. We expect that by Jan. 28 (the documents) will have arrived," Anwar said as quoted by detik.com.

Bidders who failed the test would no longer be eligible to take the 51 percent stake in BCA currently being sold by the Indonesian Bank Restructuring Agency (IBRA).

Monday will also be the deadline for bidders to submit their final bids, after which IBRA will announce the winner.

Bank Indonesia has been postponing holding its fit and proper tests as some bidders had submitted incomplete documents, while some others were reportedly still on the lookout for bidding partners.

According to Anwar, several bidders are already being tested, as they had completed their documents in advance.

But with some others lagging behind, IBRA may have to delay the announcement of the winner if it names a latecomer for the fit and proper test.

At present nine bidders have lined up to grab a majority stake in BCA, once the largest private retail bank in the country.

A consortium of the local Setdco Group, Malaysia's Allianz Bank and the Malaysian Plantation Group is said to be looking for a leading bidder after Malaysian Plantation Group resigned from the position late last year. It is not clear whether the consortium has found a replacement.

BCA's strongest candidate, the British based Standard Chartered Bank Plc., had said it was looking for a bidding partner less than three weeks before Monday's final bid deadline.