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Indonesia's Bank Central Asia to buy Rabobank unit for 397B rupiah

Indonesia's PT Bank Central Asia TbkPT Bank Central Asia TbkPT Bank Central Asia Tbk and subsidiary PT BCA Finance agreed to buy the local unit of Netherlands' Rabobank for 397 billion rupiah (US$28.3 million), subject to adjustments.

The sale of PT Bank Rabobank International Indonesia is part of Rabobank's plan to exit the Southeast Asian country.

The transaction is subject to the approval of the Financial Services Authority of Indonesia, among other things, according to a Dec. 11 disclosure.

As of Dec. 11, US$1 as equivalent to 14,035 Indonesian rupiah.