JAKARTA. Sharia business unit of PT Bank Sinarmas Tbk (BSIM) has acquired business license from Financial Services Authority (OJK) to issue a spin-off, establishing a new Sharia Public Bank titled PT Bank Nano Syariah (BNS).

Frenky Tirtowijoyo, President Director od BSIM, said that BNS is established by BSM along with PT Sinar Mas Multiartha and PT Asuransi Sinar Mas. This sharia unit spin-off had been approved by shareholders on June 14, 2022.

“All users and operating activities of sharia unit of Bank Sinarmas will be transferred to Bank Nano Syariah,” Tirtowijoyo clarified through the information disclosure in Indonesia Stock Exchange (IDX).

For this spin-off, the total amount of capital put in by BSIM is IDR 510 billion. The company reportedly uses its internal cash for said investment.

“The spin-off of sharia business unit will not affect financial condition of the company,” Tirtowijoyo said.

As of June 30, 2023, BSIM’s total assets were recorded at IDR 47.95 trillion, while the capital adequacy ratio (CAR) remained at 29.38%, and the net non-performing loan (NPL) ratio was at 2.19%. (KR/ZH)