Bank Central Asia on the lookout for an acquisition target

It has set aside $295 to buy another bank.

Bloomberg reports that PT Bank Central Asia is seeking to buy a mid-size lender as intensifying competition and a sluggish Indonesian economy prompt some owners to consider exiting the industry, according to the firm’s top executive.

Southeast Asia’s largest lender by market value after DBS Group Holdings Ltd. has set aside about 4 trillion rupiah ($295 million) this year to finance an acquisition, President Director Jahja Setiaatmadja said. While there have been several offers, the Jakarta-based bank, majority-owned by billionaires Budi Hartono and Michael Hartono, is yet to zero in on one, he said.

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