Profile of Bambang Hartono: Remembering the Figure Behind the Success of Djarum and BCA
A wave of sorrow has enveloped Indonesia’s business world. Michael Bambang Hartono, one of the country’s richest individuals and the owner of the Djarum Group and PT Bank Central Asia Tbk (BCA), is reported to have passed away on Thursday (19/3).
Bambang Hartono died in Singapore at 1:15 pm local time. The news of the passing of this top leader of the Djarum Group has been confirmed by internal company sources.
Born with the name Oei Hwie Siang on 2 October 1939 in Kudus, Central Java, Bambang Hartono was the eldest son of Oei Wie Gwan, the founder of the Djarum cigarette company.
Together with his younger brother, Robert Budi Hartono, he successfully revived Djarum from ruin after their factory was severely damaged by fire in 1963.
Under his leadership, Djarum not only became a kretek cigarette giant in the domestic and international markets but also expanded into various other strategic sectors.
The most phenomenal business move made by Bambang Hartono was taking over the majority stake in Bank Central Asia (BCA) following the 1998 monetary crisis. Through Farindo Holding Ltd, the Hartono brothers control 51 percent of BCA’s shares, which is now Indonesia’s largest private bank with a massive market capitalisation.
In addition to banking and cigarettes, his business footprints span various other lines.
Despite holding the title of Indonesia’s richest person according to Forbes and Bloomberg for many years, Bambang Hartono was known for his extremely modest lifestyle. Photos of him enjoying street food at roadside stalls often went viral and garnered praise from netizens.
Not only skilled at the business negotiation table, Bambang was also adept at the competition table. He was a professional bridge athlete who contributed a bronze medal to Indonesia at the 2018 Asian Games. For him, bridge was not just a hobby but a means to sharpen thinking and decision-making skills.
As of the publication of this news, the family has not provided an official statement regarding the location and schedule of the late Michael Bambang Hartono’s funeral.