DBS denies rumours of Indonesia unit merging with Bank Central Asia; analysts see sense in a deal

[JAKARTA/SINGAPORE] DBS has denied market rumours that its Indonesian banking subsidiary could be merged with Indonesia’s Bank Central Asia (BCA), after shares of the Indonesian lender jumped amid talk of a potential deal.

“There is no truth to this rumour,” a DBS spokesperson told The Business Times. BT has also reached out to BCA for comment, but has not received a response at the time of writing.

Shares of BCA, one of Indonesia’s largest banks listed on the Indonesia Stock Exchange, surged more than 7 per cent on Wednesday to close at 5,275 rupiah.