Julius Baer Acquires Significant Stake in Indonesian Bank Capital

Strategic Investment in Indonesian Banking Sector

Swiss private banking giant Julius Baer has made a significant investment in PT Bank Capital Indonesia Tbk. (BACA), acquiring 2.8 billion shares representing 14.03% of the bank's capital. This acquisition occurred immediately after Bank of Singapore divested its identical stake on December 24, 2025. The transaction was valued at Rp1 per share with 'free of payment-transfer out' terms, indicating the shares were transferred without additional payment.

Shareholding Structure Changes

Following this acquisition, Julius Baer's total stake in BACA increased to 24.03% from its previous 10.00% holding, making it the second-largest shareholder in the Indonesian bank. PT Capital Global Investama remains the largest shareholder with 49.66% ownership. The public float currently stands at 25.3% or 5.04 billion shares.

Market Reaction and Stock Performance

The stock price of BACA reacted positively to the change in shareholding structure. In the week leading up to the end of 2025, BACA's shares surged by 28.57% to Rp234 per share. For the month of December 2025, the stock recorded a 48.10% gain. While the stock closed 4.20% lower at Rp228 on January 7, 2026, it still recorded a 3.64% year-to-date gain.

Regulatory Compliance and Disclosure

The Indonesia Stock Exchange (IDX) requested clarification regarding the transaction between Bank of Singapore and BACA. I Gede Nyoman Yetna, Director of Company Valuation at IDX, confirmed that both Bank of Singapore and Capital Global Investama had fulfilled their reporting obligations as mandated by OJK Regulation No. 4/2024. The regulation requires disclosure for shareholders owning at least 5% of voting rights.

Implications for Bank Capital

The change in shareholding structure comes as Bank of Singapore had previously acquired its 14.03% stake through a repurchase agreement (repo) transaction. Bank of Singapore had clarified that this investment did not constitute control and they had no plans to maintain or acquire control of BACA. The latest development with Julius Baer brings stability to BACA's shareholder base while introducing a significant international banking partner.