BBCA - BCA Finance and BCA Multifinance will merge

BBCA - BCA Finance and BCA Multifinance will merge BCA Finance and BCA Multi Finance announced that they would merge. The merger of the two subsidiaries of Bank Central Asia (BBCA) is targeted to be completed on September 1, 2024. Based on the prospectus published in KONTAN (1/7), all BCA Multifinance assets will be transferred to BCA Finance. Meanwhile, the aim of merging these two entities is to produce a more robust and efficient entity. Both of them assess that BCA Multifinance used car financing will be more optimal if combined with BCA Finance. Meanwhile, motorbike financing, which until now was only owned by BCA Multifinane, will later become a product of the merged company. "It is hoped that the merger will produce a superior merged company and will further strengthen the position of the BCA business group in the Indonesian financing sector," wrote the prospectus. Due to this merger, BCA Multifinance shares owned by BCA will be exchanged for 4,296,119 shares in BCA Finance. Previously, BCA owned 225,000 shares in BCA Multifinance. Therefore, the number of shares owned by BCA in BCA Finance will later be 103,872,044 shares. The percentage has not changed, namely around 99.59%, and the remainder is owned by BCA Finance Limited. Changes in directors will also occur after this corporate action. The Main Director of BCA Multifinance, Herwandi Kuswanto, will be included on the board of directors at BCA Finance. (Source : Kontan)