Digital Bank BJJ will Rely on Astra's Offline Network to Boost Growth

Summary

PT Astra International Tbk's (ASII) subsidiary PT Sedaya Multi Investama (Astra Financial) with WeLab Sky Limited has completed the acquisition of PT Bank Jasa Jakarta (BJJ). The transaction settlement process is marked by the Financial Services Authority (OJK) approval.

Following the acquisition, Astra Financial and WeLab Sky each own 49.56 percent of BJJ's shares. Both became the majority and controlling shareholders of the bank. Later, Astra and WeLab plan to transform BJJ into a digital bank. Astra spent Rp 3.88 trillion to acquire a 49.56 percent stake in BJJ with roughly the same amount spent by WeLab Sky.

Astra President Director Djony Bunarto Tjondro said the company's investment in BJJ is in line with Astra's aspirations for the pillar of financial services to become a retail financial service provider. "BJJ as a digital bank, through an omnichannel strategy, will complement the financial products and services offered to Astra customers," Astra Director and Director-In-Charge of Astra Financial Suparno Djasmin said in a written statement on Monday.

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