Erick Thohir Targets The Merger Of Bank Muamalat And BTN Syariah To Be Completed Before October 2024

The Bank Muamalat logo will be combined with BTN Syariah. (Between)

JAKARTA - Minister of State-Owned Enterprises (BUMN) Erick Thohir for the merger or merger of Bank Muamalat and BTN Syariah can be completed in the near future. Erick installed a deadline for the merger not to exceed October.

"Banks of Muamalat and BTN Syariah if this can be combined the targets of March, April, May, basically before October," he said when met at JIExpo Kemayoran, Jakarta, Sunday, February 18.

According to Erick, if Bank Muamalat and BTN Syariah officially join, Indonesia will have a sharia bank whose scale is quite large apart from PT Bank Syariah Indonesia or BSI, it will even become the number 16 largest bank in Indonesia.

It could be the largest bank number 16 in Indonesia. That is, there is number 5 (BSI), there is a number 16 which is good. The market can have a good competition," he explained.

Furthermore, Erick said the merger of these two banks was motivated by the fact that more and more Indonesians needed access to Islamic financial sharia. Therefore, he said, sharia economic development must be widened.

"We also don't want it later as if BSI is monopolizing the market, so that's why I invited BSI, we will also make improvements to Bank Muamalat with BTN Syariah," he said.

Previously reported, 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.