JAKARTA (TheInsiderStories) – Three state-owned sharia banks, PT Bank BNI Syariah, PT Bank Syariah Mandiri (BSM), and PT Bank BRISyariah Tbk (IDX: BRIS) has signed the conditional merger agreement today. Other assets is the unit of unit of PT Bank Tabungan Negara Tbk (IDX: BBTN) also entered the merge bank.
Based on the deal, the unit of PT Bank Rakyat Indonesia Tbk (IDX: BBRI), will determined as a surviving bank to received the asset of the other lenders. With this scheme, the other private banks will do a backdoor listing through BRISyariah.
After merge, total assets of the merged bank will reached Rp245.87 trillion (US$16.73 billion) and become the largest sharia bank in the country. Head of the project and vice president director of PT Bank Mandiri Tbk (IDX: BMRI), Hery Gunardi, explained the official merger is expected to take place in February 2021.
He continued, the largest asset belongs to BSM with total amount of Rp114.4 trillion, followed by BNI Syariah worth of Rp50.78 trillion, BRISyariah amounting to Rp49.6 trillion unit of Bank Tabungan Negara of Rp31.09 trillion. Earlier, state own enterprises minister, Erick Thohir, said after the merger, Indonesia will have the largest Islamic bank, caused the country still behind other Islamic countries.
Recently, he has aborted the formation of state-bank holding and chooses to sharpen the focus of each lender. Initially, his predecessor, Rini Soemarno, wanted to establish financial holding but for years the planned not realized. The initlal planned holding will be led by state-owned financial services, PT Danareksa.
He accused, wether to set up a holding company, he refer to focus the bank’ businesses. According to him, only three state-owned lenders had a clear market focus. Only PT Bank Negara Indonesia Tbk (IDX: BBNI) not have a strong business focus and choice to compete with Bank Mandiri in the corporate segment.
He hope BBNI can become a source of international funding cause they have a number branches in abroad. He asserted, the needs for international bank with the Indonesian flag has the potential to increase in the future. Moreover, there are a potential for the development and expansion of corporate business in the country.
In his fist term, President Joko Widodo has has been assigned Soemarno to merge SOEs under six holding companies in various sectors such as mining, oil & gas, infrastructure and construction, housing, financial services, also food and commodities.
So far, the ministry has succeed established two holding companies in mining lead by PT Indonesia Asahan Aluminium, Oil & gas holding under energy producer PT Pertamina, and pharmaceutical under PT Biofarma Tbk. The complicated rule and administration become the handicap on the SOEs moves to create new holding.
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