Jakarta. Ownership at Bank Capital Indonesia (BACA) shifted after Bank of Singapore Limited emerged as a major shareholder in a year-end block transaction, one of the most eye-catching corporate actions in the banking sector this month.

According to a share ownership disclosure filed with Indonesia Stock Exchange (IDX), Bank of Singapore acquired 2.8 billion BACA shares worth Rp 470.40 billion ($28.04 million) on Dec. 19 via a negotiated market deal, at an execution price of Rp 168 per share.

Prior to the transaction, the Singapore-based lender held no stake in BACA. Following the purchase, it now controls 14.033% of the bank’s shares and voting rights, elevating it to the status of a major shareholder.

The disclosure also lists GIA Ventures Pte Ltd as an affiliated party to the transaction. However, Bank of Singapore Limited is the entity officially reported as the shareholder to the Financial Services Authority (OJK).

Bank of Singapore said the ownership exceeding 5% is not intended to establish control. In its filing to regulators, management stated it has no intention, plan, or agenda to become BACA’s controlling shareholder.

The entry of a foreign institutional investor is seen as a positive sentiment for BACA shares amid intensifying competition among mid-sized lenders, although the bank’s management has yet to comment on any potential collaboration or strategic implications stemming from the change in its shareholder structure.