JAKARTA – Minister of State-Owned Enterprises (SOEs) Erick Thohir has addressed the planned spin-off of PT Bank Syariah Indonesia Tbk (BRIS), also known as BSI, from PT Bank Mandiri (Persero) Tbk (BMRI), saying the process is still in its early stages.

“It’s not done yet, still in process [of spinning off BSI from Bank Mandiri]. Danantara will submit a proposal to us, and then we will assess its prospects,” Erick told reporters at the Presidential Palace on Monday (2/6).

Currently, Bank Mandiri holds a majority stake in BSI with 51.47% ownership. PT Bank Negara Indonesia (Persero) Tbk (BBNI) holds 23.24%, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) owns 15.38%, and the remaining 9.91% belongs to public investors.

Erick clarified that the SOEs Ministry is acting in a regulatory capacity. A final decision on the BSI spin-off will be made after an official proposal is submitted by Daya Anagata Nusantara Investment Management Agency (BPI Danantara), which is expected to become the direct controlling shareholder of BSI.

“Yes, they will conduct a study. Right now, my role is that of a regulator,” Erick added.

Following news of the potential spin-off of BRIS from BMRI, BRIS shares fell 2.52% from IDR 2,780 to IDR 2,710 per share. BMRI shares also declined by 0.50% to IDR 5,025.

For reference, BSI was formed through the merger of three Islamic banks under the State-Owned Banks Association (Himbara): Bank Syariah Mandiri, BNI Syariah, and BRI Syariah. (DK/KR/ZH)