SINGAPORE - Bank Central Asia, controlled by Indonesia’s second-richest person, Mr Budi Hartono, overtook DBS Group Holdings this month as South-east Asia’s largest lender by value, with a market capitalization of US$24.5 billion (S$34.2 billion).

The Jakarta-based bank’s shares have continued to rise this year as its Indonesia focus shields it from slowing growth in Greater China. DBS is Singapore’s biggest bank, Bloomberg said.

In a statement released last night, DBS spokesman pointed out that market capitalisation is drive by stock price fluctuations.

“We continue to remain the region’s top bank by assets and profits. Market capitalisation is driven by stock price fluctuations that do not always reflect our underlying business,” the statement added.