JAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BBTN) has revealed the progress of its acquisition of PT Bank Victoria Syariah (BVIS), as part of the spin-off of BTN Syariah’s Sharia Business Unit (UUS).

Nixon LP Napitupulu, President Director of BBTN, stated that the acquisition process is now only awaiting the decision of the General Meeting of Shareholders (GMS), which is scheduled for March 2025.

"In writing, approval from the Ministry of State-Owned Enterprises has been granted, and the prospective buyer has also agreed. We are just waiting for the formal decision at the GMS," he said in the GBK area on Sunday (9/2).

After receiving the GMS approval, BBTN will sign the Sales and Purchase Agreement (SPA) with BVIS. The spin-off process of BTN Syariah is expected to take place between April and May 2025, during which all BTN Syariah assets will be transferred to BVIS.

"Once the acquisition is complete, BTN Syariah will be renamed, and we will propose the new name to the government. It cannot be announced yet because BVIS is still owned by another party," he explained.

Nixon is optimistic that BTN Syariah will become a major player in the Islamic banking industry, competing with Bank Syariah Indonesia (BSI). "BTN Syariah will remain focused on the housing sector, and its presence will complete the Islamic banking ecosystem in Indonesia," he concluded. (DK/ZH/KR)