BTN Plans to Transform into Financial Conglomerate

By Editorial Team 17/09/2019
Summary

PT Bank Tabungan Negara Tbk (BTN) will implement three strategic plans next year, namely the Sharia Business Unit (UUS) spin-off, the acquisition of venture capital company PT Sarana Papua Ventura (SPV), and PT PNM Investment Management (PNM-IM) acquisition, the BTN Finance, Treasury & Strategy Director Nixon L.P. Napitupulu said, as quoted by Bisnis.com, Monday (9/16).

The spin-off plan will be submitted in 2020 as the deadline for work plan exposure is approaching, as well as the time limit for sharia business unit spin-off no later than 15 years after the enactment of Law No. 21/2008 on Sharia Banking, or in 2023.

Meanwhile, the SPV acquisition was conducted to support the bank’s core business. SPV is a subsidiary of PT Bahana Artha Ventura, which is a subsidiary of PT Bahana Business Development Indonesia. BTN is also in talks for the second stage of PNM-PN capital injection. BTN seeks to become PNM-IM controlling shareholder, eyeing to own 85 percent stake in the company from only 30 percent at present.

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