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Four small banks will soon merge this year

07 January 2019 04:15 AM  Company: PT. Bank Mitraniaga Tbk[NAGA]
Rp. 230  +20 (9.52%)

JAKARTA - At least four small banks took part in the merger this year after obtaining permission from the Financial Services Authority (OJK).

The four banks are PT Bank Dinar Indonesia Tbk. that will merge with PT Bank Oke Indonesia and PT Bank Agris Tbk that will merge with PT Bank Mitraniaga Tbk.

President Director of Bank Dinar Hendra Lie said that if the entire process went smoothly, it was predicted that this would be completed before the first semester of 2019 ended precisely in May 2019.

Previously, the foreign investor from South Korea, namely APRO Financial Co. Ltd. has completed the process of acquiring Bank Dinar on October 25, 2018.

"For the merger process, we need a long process, we are a public company and we have to get permission from the Capital Market OJK and later to Banking OJK for a merger," Hendra told on Friday (4/1).

According to Hendra, after the merger of Bank Dinar and Bank Oke, the total combined core capital of the bank will be Rp 1.6 trillion. Automatically, the new bank will immediately fall into the category of business group commercial banks (BUKU) II.

Currently the composition of Bank Dinar's share ownership is mostly APRO Financial Co.Ltd with 77.38% while the remainder is owned by the public. While 99% of Bank Oke's shares are held by APRO Financial Co.Ltd and 1% owned by I Wayan Gatha as the company's founder.

Meanwhile PT Bank Agris Tbk and PT Bank Mitraniaga Tbk will also merge in 2019. Investors, namely the Industrial Bank of Korea (IBK) in its official statement claimed to have obtained the green light from the OJK regarding the planned acquisition of the two banks.

At the same time, IBK management believes the acquisition process will expand the business network of the two companies. The plan, a joint bank between Bank Agris and Bank Mitraniaga, will be formed in the upcoming semester I-2019.

At present, Bank Agris's shareholders are PT Dian Intan Perkasa with ownership of 82.59% and the remainder is shares owned by the public. While the majority shareholder of Bank Mitraniaga is Yeo Willy Yonathan with ownership of 72.07%. PT Sarana Steel Corporation also holds a 9.89% stake in Bank Mitraniaga. The rest is owned by Kamtono Kosasih with 5.1%. (AM/LM)

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PT. Bank Mitraniaga Tbk [NAGA]   Rp. 230   +20 (9.52%)