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Business deals

Top Indonesian lender BCA buys Rabobank local unit for $28m

Bank Central Asia deal deepens consolidation of country's financial sector

The Bank Central Asia tower in Jakarta: BCA also finalized its purchase of Bank Royal Indonesia at the end of October.   © Reuters

JAKARTA -- Indonesia's largest private lender, Bank Central Asia, agreed on Dec. 11 to acquire the local unit of Dutch company Rabobank, its second purchase of a financial institution this year and the latest consolidation affecting the Southeast Asian country's banking industry.

BCA, through subsidiary BCA Finance, signed a deal to buy all of Rabobank Indonesia for an estimated 397 billion rupiah ($28.3 million). Rabobank said earlier this year that it planned to quit Indonesia.

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