---
endpoint: analytics
pattern: Financial Services
status: done
latency_ms: 131530
conversation_id: 9836784c-08cc-4d65-acad-b91664565a8b
citations: 3
created: 2026-05-31 18:14:06Z
---

# Who are the key shareholders of Bank Central Asia?

## Key Shareholders of Bank Central Asia (BBCA IJ)

### Ownership Structure Overview

PT Bank Central Asia Tbk has been controlled by the **Hartono family** (Indonesia's wealthiest family, owners of the Djarum Group conglomerate) since 2016, with control held indirectly through a holding company. There have been no changes to BCA's controlling shareholders between January 1 – December 31, 2025 [4].

### Controlling Shareholders (Top of the Chain)

| Entity | Ownership | Role |
|---|---|---|
| **Robert Budi Hartono** | 51.00% (of PT Dwimuria) | Ultimate Shareholder |
| **Bambang Hartono** | 49.00% (of PT Dwimuria) | Ultimate Shareholder |
| **PT Dwimuria Investama Andalan** | **54.94% of BBCA** | Controlling shareholder of BCA |
| Public float | 45.06% of BBCA | Public shareholders |

- The ultimate controlling shareholders remain **Robert Budi Hartono and Bambang Hartono**; control was reorganized via PT Dwimuria Investama Andalan from November 11, 2016 [6].
- Of the 45.06% public float, **2.49% is held by parties affiliated with PT Dwimuria Investama Andalan**, **0.062% by BCA's Board of Commissioners and Directors**, and **0.17% sits as BCA Treasury Stock** from buybacks [4].
- CLSA's April 2025 report card lists **Dwimuria (Djarum Group) 54.9%** as the major shareholder and an estimated **free float of ~42.4%**, with foreign shareholding at ~90.2% of the float [1].

### Top 20 Largest Shareholders (as of 1 January 2025) [5]

| # | Name | Shares | % |
|---|---|---:|---:|
| 1 | **PT Dwimuria Investama Andalan** (Hartono family holdco) | 67,729,950,000 | **54.94** |
| 2 | Citibank Singapore S/A — **Government of Singapore** (GIC) | 1,804,761,329 | 1.46 |
| 3 | **PT Tricipta Mandhala Gumilang** (Hartono-affiliated) | 1,313,250,000 | 1.07 |
| 4 | **PT Caturguwiratna Sumapala** (Hartono-affiliated) | 1,261,750,000 | 1.02 |
| 5 | BBH Boston S/A **GQG Partners** Emerging Markets Equity Fund | 873,752,230 | 0.71 |
| 6 | **Anthoni Salim** (Salim Group founder) | 855,239,635 | 0.69 |
| 7 | JPMCB NA RE — **Vanguard** Total International Stock Index Fund | 777,666,397 | 0.63 |
| 8 | BNYM RE BNYMLB RE Employees Providentfd Board | 724,578,700 | 0.59 |
| 9 | JPMCB NA RE — Capital Group **New World Fund, Inc.** | 715,787,000 | 0.58 |
| 10 | JPMCB NA RE — **Vanguard** Emerging Markets Stock Index Fund | 708,575,550 | 0.57 |
| 11 | Citibank New York S/A — **Government of Norway** (NBIM) | 697,688,164 | 0.57 |
| 12 | SSB 5826 **Goldman Sachs Trust II** — GQG Partners IOF | 608,808,898 | 0.49 |
| 13 | JPMCB NA RE — **Wellcome Trust** | 521,550,100 | 0.42 |
| 14 | JPMCB NA RE — Capital Group **EuroPacific Growth Fund** | 516,745,500 | 0.42 |

### Key Takeaways

- **Concentrated control**: One entity — PT Dwimuria Investama Andalan — holds **54.94%** of BBCA, leaving roughly 45% as effective float (further reduced by ~2.65% of affiliated/insider/treasury shares) [4].
- **Family-controlled, dynastic ownership**: The Hartono brothers (Robert Budi & Michael Bambang) are Indonesia's richest individuals and own Djarum, a clove cigarette and conglomerate group. They hold BBCA via a holding company structure that has remained stable since 2016 [6].
- **Hartono-affiliated entities within the public float**: PT Tricipta Mandhala Gumilang (1.07%) and PT Caturguwiratna Sumapala (1.02%) are family-affiliated vehicles inside the public-share line [5].
- **Notable strategic minority**: **Anthoni Salim** (the late Liem Sioe Liong's son and head of the Salim Group — BCA's original founding family pre-1998 Asian Financial Crisis) still holds **0.69%** [5].
- **Sovereign wealth funds in the top 20**: GIC (Singapore) at #2 (1.46%) and Norway's NBIM at #11 (0.57%) — typical for an EM bank of BBCA's scale [5].
- **Heavy global passive/active mutual fund presence**: Vanguard (two funds), Capital Group (New World Fund + EuroPacific Growth), GQG Partners (two funds), Wellcome Trust — all visible in the institutional layer of the float [5].
- **High foreign ownership of float**: CLSA estimated foreign shareholding at **~90.2%** of the free float as of April 2025, reflecting BBCA's status as a benchmark EM Asia bank holding [1].

---
**Sources**
[1] Bank Central Asia – O-PF (Good earnings despite tough macro) — CLSA (23 Apr 2025) — 607956688LinqAlpha.PDF
[2] Bank Central Asia – O-PF (A great close to the year) — CLSA (23 Jan 2025) — 607948915LinqAlpha.PDF
[3] Bank Central Asia – O-PF (A journey worth taking) — CLSA (7 Nov 2024) — 607943653LinqAlpha.PDF
[4] PT Bank Central Asia Tbk — Annual Report 2025 (Shareholders Composition)
[5] PT Bank Central Asia Tbk — Annual Report 2025 (Details of the 20 Largest Shareholders as of 1 January 2025)
[6] PT Bank Central Asia Tbk — Annual Report 2020 (Information on Controlling Shareholder)

## Citations

- [4] **PT Bank Central Asia Tbk (BBCA-ID) - Annual Report for period end 31-Dec-2025 (English) - PDF** · external
- [5] **PT Bank Central Asia Tbk (BBCA-ID) - Annual Report for period end 31-Dec-2025 (English) - PDF** · external
- [6] **BBCA_Annual Report_2020_ENG.pdf** · external

