BCA to have 2 directors replaced

BCA to have 2 directors replaced

JAKARTA: Two of PT Bank Central Asia's eight directors will soon be replaced with appointees nominated by a Farallon Capital- led consortium, a government official said Thursday.

The directors who will be replaced were IBRA appointees, said I Putu Gede Ary Suta, chairman of the Indonesian Bank Restructuring Agency (IBRA).

One of the directors to be replaced is Vice President Director Jerry Ng.

The consortium led by the U.S.-based hedge fund purchased a 51 percent stake in the bank last week.

The government took over BCA in late 1998 from the Salim Family after it injected massive funds to bail out the country's largest retail bank. --Dow Jones