Indonesian bank Bank Central Asia has overtaken DBS Bank as the largest bank by value in south-east Asia. The bank, controlled by Indonesia’s second-richest person, Budi Hartono, has a market cap of $24.5 billion. Bank Central Asia has a total focus on Indonesia and thus it is shielded from international fluctuations and this is cited as the prime reason for its growing strength. Reacting to the market news, DBS said it continues to remain the region’s top bank by assets and profits as market capitalization is driven by stock price fluctuations that do not always reflect the underlying business.
