BTN Optimistic Merger With Bank Muamalat Completed April 2024

Illustration of the agreement (Photo: dock. Unsplash)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BBTN) is optimistic that the merger or business merger between BTN Syariah's Islamic business unit and PT Bank Muamalat Indonesia will be completed in April 2024.

President Director of BTN Nixon LP Napitupulu said the merger process would be completed in April 2024 because there are several things that are still in process.

"Currently, the due diligence process is still in process. We are due diligence at the end of March. Then in April we made a decision. Optimistic in April," he said after the Bloomberg Technoz Economic Outlook 2024 event at the Westin Hotel, Jakarta, Wednesday 7 February 2024.

Previously, Minister of State-Owned Enterprises (BUMN) Erick Thohir revealed a corporate action plan in the form of a merger, between Bank Muamalat and Bank Tabungan Negara (BTN). It is targeted that the merger of the two banks will take place in March next year.

"It's in the process of being discussed. If everything goes smoothly, March can be final. Yesterday (finals) but March," he said at a press conference at the Ministry of SOEs, Jakarta, Tuesday, December 19.

Erick admitted that he had held discussions with the Hajj Financial Management Agency (BPKH) and the Ministry of Religion regarding the planned merger.

"Yesterday we discussed with BPKH, the Minister of Religion. Maybe we don't synergize between Bank Muamalat and BTN Syariah to make a large alternative Islamic bank," he said.

Furthermore, Erick said that if the corporate action can be realized, then Indonesia will have a large Islamic bank, apart from PT Bank Syariah Indonesia (BSI).

"If it is merged later, maybe you can enter the Top 16, and who knows the top 10," he said.