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Jakarta, CNBC Indonesia – The public shareholders of PT Bank BRISyariah Tbk (BRIS) will be diluted to only the remaining 4.4% in the process of merging the sharia banks BUMN. Two state-owned Islamic banks to join BRIS, namely PT Bank Syariah Mandiri and PT Bank BNI Syariah.
Meanwhile, PT Bank Mandiri Tbk (BMRI) will become the dominant shareholder of BRIS with up to 51% ownership in the merger scheme of these three BUMN Islamic banks.
BRIS will be the bank that receives the surviving entity.
According to official government statements, the composition of other BRIS shareholders is PT Bank Negara Indonesia Tbk. (BBNI) 25.0%, PT Bank Rakyat Indonesia Tbk (BBRI) 17.4%, DPLK BRI-Sharia 2% and public investors 4.4%.
For comparison, data from the June 2020 financial report recorded that BRIS shares were in public hands at 18.34%, while BRI 73% and 8.6% are held by DPLK Bank Rakyat Indonesia-Syariah.
BUMN Sharia Banks’ Head of Integration of Project Management Office (PMO) and Value Enhancement, as well as Deputy Director of Bank Mandiri Hery Gunardi, said that the merged bank’s total assets will reach Rs 215.6 trillion. with a core capital of over Rs 20.4 trillion.
Therefore, the merged bank will be listed among the top 10 largest banks in Indonesia in terms of assets and among the top 10 largest Islamic banks in the world in terms of market capitalization.
The merged bank will remain a public company and will be listed on the Indonesian Stock Exchange under the ticker code (ticker code) BRIS.
“This integration is more than just a corporate action”, Hery said in his press release, Wednesday (10/21/2200).
“Protecting and raising the largest Islamic bank in this country is actually a great mandate. I, on behalf of the PMO, have been entrusted by the Government through the Ministry of BUMN to continue to monitor not only until the legal merger, but also to ensure that the presence of the largest national Islamic bank can provide benefits to the public and brings Indonesia’s name to the world stage as the center of the global sharia economy, “he stressed.
In the future, BRIS will have solid capital and assets in terms of finances, human resources, information technology systems, as well as financial products and services to meet the needs of clients in accordance with Sharia principles.
In fact, in a virtual press conference on the merger last Tuesday (10/13/20), Hery explained that the total projected assets of the three Islamic banks would reach 390 trillion rupees or 55.16% of assets. totals for all Islamic banking and UUS (business units). sharia).
Viewed from assets, BRIS is the smallest of the three banks. In June 2020, BRIS assets were just IDR 49.5 trillion. Compare with BNI Syariah Bank with assets of Rp 50.7 billion and BSM is the owner of the largest assets, reaching Rp 114.4 billion.
Hery emphasized that in the future this bank is expected to increase penetration of sharia assets and increase competitiveness to achieve its vision of becoming one of the 10 largest Islamic banks based on global gross capitalization in the next 5 years.
BRISyariah CEO Ngatari said the merger phase will still have a long way to go for the company according to regulations. He said this merger would prioritize employees, customers, business partners, and maximum benefits for the community.
In line with that, BNI Syariah Bank President and Director Abdullah Firman Wibowo added that Merged Bank’s strategy and business plan as outlined in the Merger Plan is in line with the Government’s efforts to realize the ecosystem halal and developing the sharia economy in Indonesia.
The president and director of Bank Syariah Mandiri (BSM), Toni EB Subari, explained that this merger combines the strengths of three state banks of the Sharia, so that this bank will later have 1,200 branches and 1,700 ATM networks, and has the support of 20,000 employees spread across Indonesia.
This bank will also provide sharia-based financial services, social and even spiritual services for more clients.
PT Samuel Sekuritas Indonesia’s head of research, Suria Dharma, assessed that the issue of dilution of public shares is not a major problem, because this bank will become a large bank.
“The problem is not ‘dilution]. It is even diluted that the value of the bank is much higher,” he told CNBC Indonesia.
“The goal is that they will have assets of Rs 390 trillion in 2025. The government plans to encourage this bank to become a BUKU 4 bank. BRIS assets are roughly equal to BNIS assets at around Rs 52 trillion each. one. Meanwhile, Mandiri Syariah is about 2 times more. The combined total assets are around 214 trillion rupees with a capital of about 21 trillion rupees, “he said.
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