BTN Syariah Wants To Spin Off, This Yellow Bank Will Be Annexed?

Photo: Doc. State Savings Bank

JAKARTA The plan of PT Bank Negara Indonesia Tbk (BTN) to separate the Sharia Business Unit (UUS) from being a Sharia Commercial Bank (BUS) continues to roll on.

Most recently, BTN President Director Nixon Napitupulu said the corporate action was scheduled to be executed by acquiring an existing Islamic banking entity.

"We hope there can be a sale and purchase agreement contract with one of the banks we are close to before the end of the year," he said as reported by the editors today, Wednesday, August 9.

However, Nixon declined to comment further regarding the bank to be annexed.

"You can't mention (the bank in question) and not BSI (Indonesian Sharia Bank)," he said.

For information, the rules regarding spin off are contained in the Financial Services Authority Regulation (OJK) Number 12 of 2023 which states that UUS is worth 50 percent of its parent or has a minimum asset amount of IDR 50 trillion and must separate.

The financial service institution targeted by BTN is still a mystery. However, the discourse of BTN will annex Islamic banks, not new goods.

From the editorial search, it was found that one of the targets was PT Bank KB Bukopin Syariah (previously named PT Bank Syariah Bukopin).

The rumor was heard loud in mid-2019.

This is agreed by an internal editor from the national Islamic banking circle.

"Maybe Bank Bukopin Syariah," he said.

To note, PT Bank KB Bukopin Syariah is a subsidiary of PT Bank KB Bukopin Tbk with a total share ownership of 92.78 percent.

Quoting the 2022 annual report, it was stated that Bukopin Syariah succeeded in channeling financing of IDR 5.17 trillion over the past year.

This figure shot up 20.9 percent compared to the 2021 period which amounted to IDR 4.27 trillion.

Meanwhile, for this year's performance, the bank with the yellow logo claims to have achieved a net profit of IDR 5.55 billion in May 2023 with financing increasing by IDR 5.37 trillion.