2023 is a Year of Merger for Rural Banks & Regional Development Banks

By Editorial Team 19/01/2023
Merger
Summary

Ten Rural Banks (BPRs) with the same controlling shareholder will merge, in line with the Financial Services Authority (OJK), which is focused on encouraging the BPRs and Sharia People's Financing Banks (BPRS) mergers.

The ten BPRs are PT BPR Modern Express, PT BPR Irian Sentosa, PT BPR Palu Lokadana Utama, PT BPR Modern Express Jateng, PT BPR Modern Express NTT, PT BPR Modern Express Sultra, PT BPR Modern Express Sulawesi Selatan, PT BPR Modern Express Papua Barat, PT BPR Modern Express Maluku Utara, and PT BPR Modern Express Sulut.

Based on the merger plan summary published in the mass media on Wednesday, the ten BPRs are owned by the same controlling shareholder, PT Modern Multiartha (MMA Group). All these BPRs will merge into one entity, where the surviving entity will be BPR Modern Express.

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