Still Continued, OJK Calls The MNC Bank And Nobu Merger Process Takes A Long Time

Cooperation (Photo: dock. Unsplash)

JAKARTA - The Financial Services Authority (OJK) revealed the continuation of the merger or merger between Bank MNC International Tbk (MNC Bank) and PT Bank Nationalnobu Tbk (bank Nobu). The reason is, the merger process still takes a long time.

OJK Banking Supervision Chief Executive Dian Ediana Rae said the tough merger process was due to the high complexity of business considering that the two entities are part of a large conglomerate ecosystem, as well as plans to develop and synergize the bank's business ahead after the merger.

"The negotiations still take a short time, taking into account the high complexity of business," said Dian quoting Antara.

However, until now, the merger process is still ongoing, and each Controlling Shareholder (PSP) continues to communicate in the context of negotiations regarding the fulfillment of the merger's bank share ownership ratio.

OJK itself, said Dian, will continue to supervise and coordinate in order to ensure that the implementation of the merger commitments from the two banks can be carried out properly.

"OJK hopes that the fulfillment of the commitment to implement this merger can be realized in the near future," he said.

The news of the merger between MNC Bank and Bank Nobu has been circulating since early 2023.

The length of the negotiation process is considered due to the business complexity and ecosystem of the two banks. Even so, Dian previously said that the merger of MNC Bank and Bank Nobu became a "point of no return" or a decision that could not be withdrawn in banking consolidation.

This corporate action is a manifestation of the commitment of shareholders in the framework of business-to-business (B2B) to support the strengthening of the banking industry.