OJK: The Merger Process Of MNC Bank And Nobu Bank Is Still Continuing

Photo: Doc. MNC Bank

JAKARTA - The Financial Services Authority (OJK) said that the merger process between PT Bank MNC International Tbk (Bank MNC) and PT Bank Nationalnobu Tbk (Bank Nobu) was still ongoing.

Regarding the issue of the cancellation of the merger, OJK Banking Supervision Chief Executive Dian Ediana Rae admitted that he had not received any notification of the cancellation of the merger plan.

"However, it should be realized that to unite two banks that have different corporate business characteristics and culture, it is necessary to do it carefully and not in a hurry so that later it will produce a healthy bank and be able to develop sustainably after the merger," said Dian in a written answer in Jakarta, quoted from Antara, Monday, July 15.

Considering the condition of the two companies which are still relatively good, Dian assessed that the merger process is still ongoing.

The commitment of the two companies to continue the process is reflected in the cross-ownership transactions between the two business groups of 10 percent some time ago as an effort to smooth the way to merge the two banks.

"Especially individually, the conditions and performance of the two banks are currently still relatively good with capital that is already above the minimum provisions," he said.

Furthermore, Dian said that so far the OJK has not or has not set a deadline for the merger settlement, but will continue to discuss its time frame with the management and controlling shareholders (PSP) of the two banks.

Previously, Dian explained that the acquisition or takeover process did take a short time because potential investors needed to obtain OJK approval first as POJK No.41 / POJK.03 / 2019 concerning the Merger of the Takeover of Integration and Conversion of Commercial Banks (POJK P3IK).

To obtain OJK approval, this step begins with the preliminary stage, namely to conduct a fit and proper test of prospective controlling shareholders (PSP) as the party that will take over the bank, including licensing and implementation of the takeover as stipulated in POJK No.27/POJK.03/2016 concerning Assessment of Compliance and Capability for the Main Financial Services Institution (POJK PKK) and POJK P3IK.