BCA test deadline set for Monday

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.