Bank of Singapore Makes Significant Investment in Bank Capital Indonesia

Strategic Acquisition Details

Bank of Singapore Limited has acquired a substantial 14.03% stake in PT Bank Capital Indonesia Tbk (BACA), a listed Indonesian bank, through the purchase of 2.8 billion shares. The transaction, valued at Rp 470.4 billion, was executed on December 19, 2025, at a price of Rp 168 per share. The acquisition is structured through Gia Ventures Pte Ltd, making it an indirect holding.

Investment Implications

This significant investment positions Bank of Singapore as a major shareholder in Bank Capital Indonesia, potentially setting the stage for future strategic collaboration between the two financial institutions. The transaction highlights the growing interest of foreign investors in Indonesia's banking sector, particularly in banks with strong growth potential.

Market Context and Future Prospects

The acquisition comes at a time when Indonesia's banking sector is experiencing dynamic changes, with increasing demand for digital banking services and consolidation opportunities. Bank Capital Indonesia, with its existing network and customer base, presents an attractive opportunity for Bank of Singapore to expand its presence in the Indonesian market.

Corporate Structure Implications

The investment is structured as an indirect holding through Gia Ventures Pte Ltd, a Singapore-based entity. This structure is common in cross-border investments and provides flexibility in managing the investment. Bank of Singapore's significant stake suggests potential for future strategic involvement in Bank Capital Indonesia's operations and growth plans.