BNI to Acquire Bank Mayora, Join Competition in Digital Banks

By Editorial Team 19/10/2021
digital banking concept
Summary

State-owned bank PT Bank Negara Indonesia Tbk (BBNI) reportedly plans to acquire PT Bank Mayora to enter the digital banking market. The acquisition is expected to be completed by the end of 2021 and is part of the company's inorganic strategy to expand services. 

Bank Mayora is a part of Mayora Group, an Indonesian consumer giant. The bank focused on retail and consumer banking. According to a D-Insights source, BNI's acquisition is now waiting for approval from the Financial  Services Regulator (OJK).  

The planned BNI's acquisition will be carried out in collaboration with financial technology (fintech) companies, according to a source from the State-Owned Enterprises (SOE) Ministry's official. BNI has stated plans to acquire small banks since early 2019.

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