Merger Of Three State-Owned Sharia Banks, Mandiri Receives The Largest Shares, Namely 51.2 Percent

Merger of BUMN sharia banks. (Photo: Bahana Sekuritas)

JAKARTA - PT Bank Mandiri (Persero) Tbk received the largest share of the merger of three Islamic banks, which are subsidiaries of state-owned enterprises (BUMN). The composition of Mandiri's share ownership reaches 51.2 percent. Meanwhile, PT Bank Negara Indonesia (Persero) Tbk got 25 percent and PT Bank Rakyat Indonesia actually got 17.4 percent.

Meanwhile, 2 percent of shares are held by the BRI Sharia Stock Pension Fund (DPLK) and 4.4 percent is owned by the public. The shareholder structure is based on the calculation of the valuation of each of the merging participating banks.

Deputy President Director of Bank Mandiri Hery Gunardi said that he had published details of the merger plan for three national Islamic banks, including Mandiri Syariah, BRI Syariah, and BNI Syariah.

"This integration is more than just a corporate action. Guarding and raising the largest Islamic bank in the country is actually a big mandate," he said, in a written statement received by VOI, Wednesday, October 21.

Hery said, his party will continue to oversee not only the legal merger, but also ensure that the presence of the largest National Sharia Bank can truly benefit many people and bring Indonesia's name to the global scene as the center of the world's sharia economy.

The Merged Bank will officially operate in February 2021. This bank will remain a public company and listed on the Indonesia Stock Exchange with the ticker code BRIS. The total assets of the syariah bank merger will reach IDR214.6 trillion with a core capital of more than IDR20.4 trillion.

Hery said, the Merged Banks will be included in the top 10 banks in Indonesia in terms of assets and the top 10 Islamic banks in the world in terms of market capitalization.

Meanwhile, the President Director of BRI Syariah Ngatari still has a number of steps that must be taken until the consolidation is complete.

"We make sure everything is done carefully, in accordance with regulations, and puts forward employees, customers, business partners, and the maximum benefits for the community," he said.

During the merger process, Ngatari guarantees that services for customers will continue to run normally and optimally.

In the operational plan, the Merged Bank will be supported by more than 1,200 branch offices and 1,700 ATM networks. This bank will also have 20 thousand employees spread across Indonesia. Later, the merger of three Islamic banks will be able to provide sharia-based financial services.