Standard Chartered was seen as the clear favourite to take control of the bank and is believed to have offered a high price.
London-based Standard Chartered expressed disappointment in the decision as it was hoping to use the large stake in BCA to gain a greater hold in the Indonesian market. BCA is the third largest bank in Indonesia in asset terms.
Standard Chartered remains committed to the region.
In a surprise move the Indonesian government has decided to sell off it's stake in Bank Central Asia (BCA), Indonesia's largest retail bank, to US-based investement group Farallon Capital for $540m.
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