Jakarta. Bank Central Asia, Indonesia’s largest private lender by market value, rejected allegations that its takeover by the Djarum Group two decades ago was engineered, as its shares came under pressure following a wave of speculation on social media.

The controversy resurfaced after economist H.M. Sasmito Hadinagoro of the Institute for the Study of State Finance and Economy questioned the 2002 sale of a 51 percent stake in BCA. He alleged the government effectively gave away control of the bank for just about Rp 5 trillion (worth roughly $500 million at the time), despite BCA holding assets exceeding Rp 200 trillion at the time.

Sasmito claimed the lender’s shares were worth Rp 117 trillion at the time.

BCA said the claims misrepresent the numbers. In a disclosure to the stock exchange on Wednesday, the lender stressed that the figure cited as Rp 117 trillion referred to total assets, not the market capitalization. The company added that since its 2000 initial public offering, the bank’s share price had been determined transparently on the Indonesia Stock Exchange.

“When the strategic private placement was conducted, BCA’s market capitalization based on average share prices stood at around Rp 10 trillion,” said Corporate Secretary I Ketut Alam Wangsawijaya. “The 51 percent acquisition by the FarIndo consortium through the Indonesian Bank Restructuring Agency (BPPN) reflected market conditions at the time, and the process was run by the government in a transparent and accountable manner.”

The lender also denied suggestions it carried a Rp 60 trillion debt to the government. Instead, the figure represented government bonds listed as assets on BCA’s balance sheet, which were fully settled by 2009, the company said.

Despite the rebuttal, BCA’s stock has come under pressure. Shares fell for three straight sessions through Aug. 19, closing 2.3 percent lower at Rp 8,500, with 128.6 million shares changing hands. The stock has dropped 3.95 percent over the past week and 10.5 percent over the past three months, with foreign investors recording a net sell of Rp 7.66 trillion during that period. 

The slide comes as speculation swirls over whether the state could seek to retake control of BCA, adding to the volatility.

Still, analysts highlight that the lender’s fundamentals remain strong. BCA reported strong performance in the first half of 2025, with consolidated loan growth reaching 12.9 percent year-on-year to Rp 959 trillion ($58.21 billion).

Net profit rose 8 percent year-on-year to Rp 29 trillion, supported by solid credit disbursement, stable liquidity, and increasing transaction volume.