51% Silence: How Djarum Took Over Indonesia’s Crown Jewel.
Bank • 19 Agustus 2025
There are currently no credible reports or sources confirming an illegal takeover of 51% of Bank Central Asia (BCA) stocks by the Djarum Group.
Background on BCA and Djarum Group:
BCA is one of Indonesia’s largest private banks. Djarum Group, known for its tobacco business, also has diversified holdings through its investment arm, including significant shares in BCA via PT Dwimuria Investama Andalan.
Ownership Structure:
As of publicly available data, Djarum Group—through Dwimuria Investama Andalan—has long held a majority stake in BCA. This acquisition was done through legal and regulated channels.
The Hartono family, through PT Dwimuria Investama Andalan, remains the controlling shareholder of BCA. There is no indication of any illegal activity in the acquisition or holding of these shares. The rest of the shares are widely distributed among institutional investors and the public.
You can view the full breakdown on BCA’s official shareholder page.
Hartono Family Ownership Impact on BCA
The Hartono family’s acquisition of Bank Central Asia (BCA) in the early 2000s marked a pivotal turning point in the bank’s trajectory. Their influence has been profound, reshaping BCA into one of Southeast Asia’s most admired financial institutions. Here’s how their ownership has made a lasting impact:
Strategic Stability & Growth
Post-crisis revival: After the 1997–98 Asian financial crisis, BCA was in turmoil. The Hartono brothers acquired a controlling stake in 2002 and brought financial discipline and long-term vision. Consistent profitability: Under their stewardship, BCA became Indonesia’s most profitable bank, with strong net interest margins and low non-performing loan ratios.
Conservative Management Style
The Hartonos are known for their low-profile, risk-averse approach, which translates into BCA’s cautious lending practices and robust capital buffers. BCA avoided aggressive expansion or risky ventures, focusing instead on core banking excellence.
The Hartono family’s impact on BCA has been transformative—turning a once-fragile institution into a powerhouse of stability, innovation, and trust.
