Bank Central Asia : One of the biggest Bank in Indonesia

BCA was first founded on 21 February 1957 as Bank Central Asia NV. A lot of things have happened since then—the most significant of all being perhaps the Asian monetary crisis in 1997.

Although this crisis had a tremendous impact on Indonesia’s entire banking system, in particular it affected BCA’s cash flow and even threatened its survival. Panic rush forced the bank to seek assistance from the Indonesian government. The Indonesian Banking Restructuring Agency (IBRA) took over BCA in 1998.

Thanks to its management’s business sagacity and shrewd decision making, full recovery was accomplished later in the same year. In December of 1998, third-party funds were back at the pre-crisis level. BCA’s assets stood at Rp 67.93 trillion, as opposed to Rp 53.36 trillion in December 1997. Public confidence in BCA was fully restored, and BCA was released by IBRA to BI in 2000.

Subsequently, BCA took a major step by going public. The IPO took place in 2000, selling 22.55% of BCA’s shares that were being divested by IBRA. After the IPO, the agency still controlled 70.30% of BCA’s total shares. The second Public Offering took place in June and July of 2001, with IBRA divesting an additional 10% of its interest in BCA.

In 2002, IBRA divested 51% of its BCA shares through a strategic private placement tender. The Mauritius-based Farindo Investment, Ltd won the tender. Today, BCA continues to strengthen its tradition of good corporate governance, full compliance with regulations, sound risk management and the commitment to its customers both as a transactional bank and an institution for financial intermediation.

Garuda Indonesia

The Birth of an Airline

Garuda Indonesia can claim a more dramatic birth than most national carriers. When, in 1948, its first aircraft, a DC3, was acquired, the Indonesian people were still locked in a bitter struggle for independence from the colonial Dutch. Soon after acquisition, the DC3 was flown to India for a complete overhaul.

The first flight of Seulawah in Indonesian Airways livery was on January 26, 1949, a date that later was to be recognized as the airline’s official birthday. That flight took it to Rangoon, on contract, for use by the Burmese government in military operations.

During the final year of the struggle for independence, Seulawah was joined by two other DC3s (RI-007 and 009) and all three were to make daring blockade-breaking flights to Sumatra in support of the revolution. Then came Seulawah’s triumphal flight from Yogyakarta to Jakarta on December 28, 1949.

Three months later on March 31, 1950, Garuda Indonesian Airways was officially incorporated. Later that year, in recognition of the help it had received, the airline presented the government of Burma with a RI-007 as a gift from the people of Indonesia.

By the end of 1950, Garuda had 38 aircraft - 22 DC3s, eight Catalian seaplanes and eight Convair 240s. In 1953, the fleet grew to 46 with the addition of eight Convair 340s, and a year later 14 De Havilland Herons were added. The Catalina were taken out of service in 1955.

In 1956 Garuda carried pilgrims to Mecca for the first time. In 1961, turbo-prop Lockheed Electras joined the fleet, enabling the launch of a service to Hong Kong. In 1965, Garuda began flying to Europe, terminating at Amsterdam. The following year, delivery was taken of Garuda’s first jet, a DC8.

In 1969, Fokker F-27 turboprop aircraft went into service on domestic routes and two DC9s were delivered. Two jet F28s were added in 1971 and by 1980 Garuda had 24 DC9s and 33 F28s. The first of its DC10s were delivered in 1976, and the first of six Boeing 747-200s arrived in 1980. Then in 1983, came the A300 Airbuses, followed at the end of the 80s and early 90s by A300-600, B737-300s, MD11s and B737-400s.

During the 1980s, Garuda’s fleet and operations underwent significant rationalization and restructuring in a period of unprecedented global civil aviation growth, and much greater emphasis was placed on the need for in-house servicing and Indonesia-based staff training.

As a result, the Garuda maintenance Facility at Soekarno-Hatta International Airport and the Garuda Training Centre in west Jakarta were introduced.

By the early 1990s, Garuda’s future strategy was already looking beyond 2000. Its fleet of Boeing 737-300/400s was increasing in number and long-haul Boeing 747-400s were on order. At the time, Garuda Indonesia was amongst the 30 largest airlines in the world.

From the beginning of 2005 a new management team began charting the future of Garuda Indonesia. Under the new management, a complete re-evaluation and restructuring of the company have been taking place with the objective of improving operational efficiency, re-building financial strength, heightening customer responsiveness, and most importantly, renewing and refreshing the spirit of Garuda Indonesia.

For Garuda Indonesia, service is one of the important key performance indicators for its operations. Strategic measures that involve restructuring the entire service chain underline the airline’s commitment to be a customer-driven, full-service airline.

Garuda Indonesia is now operating 51 aircraft that include three B-747-400s, six A-330-300s, and 37 B-737s (300, 400, 500 and 800s) and currently flies to 42 domestic and international destinations.