JAKARTA. PT Bank Nationalnobu Tbk and PT Bank MNC Internasional Tbk (BABP) officially announce their merger after the document was rightfully received by Indonesia Stock Exchange (IDX).

I Gede Nyoman Yetna, Director of Corporate Appraisal I of IDX, claimed that the authority is currently reviewing the plan of this merger. “We have received the initial documents of NOBU and BABP,” Yetna mentioned to the press today (6/3). BABP had previously expressed its intention to merge with another bank to raise its status to the Bank Group by Core Capital II (lit. Kelompok Bank Berdasarkan Modal Inti/KBMI II) of over IDR 6 trillion.

In the information disclosure on Monday (13/2), the management of Bank MNC mentioned that the Financial Services Authority (OJK) never suggests both companies to merge. This decision was made by both parties in order to increase bank’s capacity, upgrading its status to enter KBMI II category with the core capital of over IDR 6 trillion. This clarification was stated following inquiries previously made by the stock exchange.

Furthermore, NOBU mentioned that this merger plan is intended to support the development of business volume in the long run and attain the targeted growth rate. “It is also fully supported by other shareholders, in compliance with applicable regulation for every corporate action,” the management of NOBU mentioned to IDX on March 1, 2023. (AM/ZH)