pay their Telkom phone bill or Citibank credit card bill through BCA ATMs. BCA experienced a panic selling during the 1997 Asian financial crisis. In 1998 BCA became a Bank Take Over (BTO) and was placed under the recapitalization and restructuring program operated by the Indonesian Bank Restructuring Agency (IBRA), a Government Institution. In 1999, BCA was fully recapitalized with the Government of Indonesia, through IBRA, assuming ownership of 92.8% of BCA shares in exchange for liquidity support from Bank Indonesia and a swap of related-party loans for Government Bonds In 2000, IBRA divested 22.5% of its BCA shares through an initial public offering, reducing its ownership of BCA to 70.3%. In 2001, in a Secondary Public Offering, 10% of BCA's total shares were made available to the market. IBRA's ownership of BCA decreased to 60.3%. In 2002, Farindo Investment (Mauritius) Limited acquired 51% of BCA's shares through a strategic private placement. In 2004, IBRA divested 1,4% of BCA shares to domestic investors through a private placement. In 2005, the Government of Indonesia through PT Perusahaan Pengelolaan Aset (PPA), the remaining 5.02% of its BCA shares and no longer has share ownership in BCA. BCA strengthens and develops its products and services, especially in electronic banking, by launching Debit BCA, Tunai BCA, KlikBCA internet banking, m-BCA mobile banking, and EDCBIZZ. In 2007, BCA became a pioneer in introducing fixed-rate mortgage products. BCA launches its stored-value card, Flazz Card, and introduced Weekend Banking to maintain its transaction banking leadership. In 2010–2013, BCA entered new lines of business including Sharia banking, motorcycle financing, general insurance and the capital markets business. In 2013, BCA increased its effective ownership from 25% to 100% in its general insurance arm PT Asuransi Umum BCA (formerly PT Central Sejahtera Insurance and also known as BCA Insurance). In 2014–2016, BCA developed MyBCA, a self-service digital banking outlet; expanded cash recycling machine-based ATM networks; and launched the Sakuku app-based electronic wallet. BCA continued developing various methods of payment for online transactions. In 2018 BCA launched a peer-to-peer transfer feature using QR code technology, applicable on m-BCA and Sakuku. BCA completed a 100% share acquisition (directly and indirectly) of PT Bank Royal Indonesia in October 2019. Post-acquisition, Bank Royal's business model will transform into a digital-based bank, complementing BCA's established digital channels. Board of Commissioners and Directors * independent commissioner References External links KlikBCA Official site CNN coverage on sale