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Indonesia's Bank Windu says China Construction Bank may acquire it; shares surge

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PT Bank Windu Kentjana International Tbk said on Monday that China Construction Bank Corp is in talks to acquire the Indonesian lender.

[JAKARTA] PT Bank Windu Kentjana International Tbk said on Monday that China Construction Bank Corp is in talks to acquire the Indonesian lender.

Bank Windu shares surged as much as 18 per cent to a record high. The broader Jakarta stock exchange was down 0.9 per cent.

China Construction Bank has submitted a proposal to buy two Indonesian banks including Bank Windu, Indonesian newspaper Kompas reported last Thursday, citing Mulya Siregar, an official at the Indonesian financial services authority. "It is true that there is a corporate action in the company's business plan, but this is not final yet and it still requires some approvals from the relevant regulator," Bank Windu said in a stock exchange filing on Monday in response to a query from the bourse.

China Construction Bank was not immediately available to comment.

REUTERS

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