BTN Syariah-Bank Muamalat Merger Faces Political Obstacle

Consolidation plans between Bank Muamalat and BTN Syariah hit a snag. The Hajj Financial Management Agency (BPKH), as a shareholder of Bank Muamalat, has stated that the due diligence process by BTN Syariah is underway. BTN aims to complete the due diligence by April. However, dynamics within the DPR (House of Representatives) have emerged as influential factors affecting the continuation of the plan. "Internal discussions are ongoing. There have been dynamics within the DPR. We are in a position to follow all stakeholders," Harry stated on Apr. 3.

In February 2024, Dian Ediana Rae, the Financial Services Authority's (OJK) Executive Head of Banking Supervision, mentioned receiving permission requests from both banks regarding their corporate action plans. OJK has also held discussions with the State-Owned Enterprises Ministry, PT Bank Tabungan Negara (Persero) Tbk, as the parent company of BTN Syariah and Bank Muamalat. "I predict this will be an interesting acquisition and merger this year," she said. However, in the latest development, Dian stated that the corporate action still requires time due to the need for thorough planning and discussions among the parties involved.