JAKARTA – PT Bank Tabungan Negara (Persero) Tbk (BBTN) has announced plans to acquire PT Bank Victoria Syariah, a subsidiary of PT Bank Victoria Internasional Tbk (BVIC).

According to the prospectus published in the media, BBTN will acquire BVIC’s sharia business unit for IDR 1.06 trillion. The acquisition will be funded using BBTN's internal funds.

"The acquisition of Bank Victoria Syariah is also part of BTN's Corporate Strategic Plan in the implementation of the separation of BTN’s Sharia Business Unit, following the fulfillment of the requirements for the separation of a sharia business unit," stated BBTN Management in the prospectus.

It is worth noting that Bank Victoria Syariah is classified as a KBMI (Bank Group Based on Core Capital) 1. BBTN believes this position will facilitate the integration of its sharia business unit with Bank Victoria Syariah.

BBTN has obtained approval for the acquisition from the Financial Services Authority (OJK) on 17 January 2025. The bank will seek approval from its shareholders on 14 March 2025 to proceed with the acquisition of Bank Victoria Syariah.

The acquisition of Bank Victoria Syariah by BBTN is expected to be completed by May 2025.

As a note, BVIC currently holds a 19.81% stake in Bank Victoria Syariah, while 80.19% is controlled by PT Victoria Investama Tbk (VICO), and the remaining 0.002% is owned by Balai Harga Peninggalan (BHP) Jakarta. (KR/ZH)