Jakarta―Right up to decision day, Ray Ferguson, Standard Chartered Bank's chief executive in Indonesia, was confident of victory. His bank had put in the highest bid for PT Bank Central Asia―the backbone of Indonesia's banking system with eight million customer accounts and 800 branches stretched across the world's fourth-largest country. After months of seeking a deal, the veteran emerging-markets banker had only one last competitor: a virtually unknown U.S. investment fund with about 40 employees, no banking experience and a local tobacco company for a partner. Then Indonesia, where policy uncertainty has long been the bane of the business community, again surprised nearly everyone. Brushing aside Standard Chartered, Jakarta in March sold a 51% stake in BCA to Farallon Capital Management, a San Francisco-based hedge fund and the main shareholders of PT Djarum, Indonesia's third-largest cigarette maker. The decision capped weeks of behind-the-scenes negotiations, intense lobbying, nationalistic appeals and fears of job cuts that, unbeknown to most observers, had combined to transform the British bank from clear front-runner into virtual political pariah.
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机译：雅加达-在决策日之前，渣打银行印度尼西亚分公司首席执行官雷·弗格森（Ray Ferguson）对获胜充满信心。他的银行对PT Bank Central Asia出价最高，后者是印度尼西亚银行体系的骨干，拥有800万个客户帐户和800个分支机构，遍布全球第四大国家。在寻求交易数月之后，这位经验丰富的新兴市场银行家只有最后一个竞争对手：一支名不见经传的美国投资基金，约有40名员工，没有银行经验，并在当地有一家烟草公司作为合作伙伴。长期以来，政策不确定性一直是工商界的祸根的印度尼西亚再次令几乎所有人感到惊讶。除了渣打银行，雅加达在三月份将BCA的51％股权出售给了总部位于旧金山的对冲基金，印尼第三大卷烟制造商PT Djarum的主要股东Farallon Capital Management。这项决定限制了为期数周的幕后谈判，激烈的游说，民族主义的呼吁以及对裁员的恐惧，大多数观察家都不知道，这些合并使英国银行从明显的先行者转变为虚拟的政治贱民。
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