BTN Boss Targets Victoria Syariah Acquisition To Be Completed In April 2025

President Director of BTN Nixon LP Napitupulu (Mery Handayani/VOI)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BTN) is in the process of acquiring PT Bank Victoria Syariah (BVIS). The bank acquisition is targeted for completion in April 2025.

The company's acquisition of BVIS was carried out in the context of a spin off or separation of the Sharia Business Unit (UUS) of BTN Syariah.

President Director of BTN Nixon LP Napitupulu said the acquisition of BVIS would be officially decided at the BTN General Meeting of Shareholders (GMS) which will be held in March.

"Even though in a letter from the Ministry (BIMN) it has agreed, the prospective buyer has agreed, we have agreed with us, already CSPA (conditional sale and purchase agreement). We just have to wait for the formal decision at the GBK, right through the GMS mechanism. After the GMS, then we will do SBA together with Victoria Syariah," he said when met in the GBK area, Jakarta, Sunday, February 9.

Regarding the BTN Syariah UUS spin off, Nixon said it would be carried out after PT Bank Victoria Syariah was successfully acquired by the company.

"After this GMS, it's the end of March. So maybe between April and May. After the acquisition, we spin-off," he explained.

Furthermore, Nixon said that BTN Syariah's assets will be transferred to BVIS which is already owned by BTN later. After the spin off is completed, BTN Syariah will change its name.

"So those in BTN Syariah will be placed there. Later we will change their names. We also want to follow up with the government. We can't tell you yet. If we have bought it, then we can change the name. This still belongs to the person now," said Nixon.

Nixon said that when the spin off is completed, the BTN UUS will become a major Islamic bank player who will compete with PT Bank Syariah Indonesia Tbk (BSI) in the Islamic banking ecosystem.

So there will be two big players in the sharia industry in Indonesia. BSI and BTN Syariah whatever the name will be later. Indeed, the focus of the largest Sharia BTN is still in housing and this complements each other with BSI," he said.

Furthermore, Nixon said the competition between the two major Islamic banks would also have a positive impact on customers. Because, there will be positive competition in terms of services and prices.

"Competition is the one who benefits consumers. Now this also causes each of them to continue to try to improve the quality of service. I think the hope is like that. It's good for you (customers), there is price competition, there is service competition," he said.