BTN Plans Syariah Unit Spin-Off After Acquiring Bank Victoria Syariah
Jakarta, investortrust.id – PT Bank Tabungan Negara Tbk, or BBTN, has disclosed its post-acquisition plans after acquiring 100% of the shares of Bank Victoria Syariah, BVIS. BTN's President Director, Nixon LP Napitupulu, announced that the company will soon spin off its Syariah business unit, BTN Syariah.
"After this acquisition, we plan to spin off," Nixon stated after attending the 2024 Christmas Celebration of State-Owned Enterprises (BUMN) at JIExpo Kemayoran, Jakarta, on Monday, January 20, 2025.
Nixon mentioned that the spin-off of the Syariah business unit is targeted to be completed by the first half of 2025. He also mentioned that the company will announce the directors of BTN Syariah by March 2025 through a general meeting of shareholders (RUPS).
"The BTN shareholders' meeting on March 14, 2025, will decide the board composition," he added.
Following the acquisition, BTN will become the full owner of Bank Victoria Syariah, holding up to 100% of the fully paid-up capital in BVIS, with a total nominal value of Rp 1.06 trillion. BTN executed the purchase of BVIS using internally prepared funds in line with the bank's business plan.
Nixon described the acquisition of Bank Victoria Syariah by BTN as a clean sheet transaction, meaning the purchase did not include deposits and loans from the bank.
"There is approximately Rp 1 trillion in capital, and around Rp 1 trillion in government bonds. We're starting with a clean base. The only things left are the state bonds and equity. That's what we bought, along with the company shell, but we requested all loans and deposits to be excluded," he explained.
BTN officially announced the start of its acquisition of 100% of PT Bank Victoria Syariah. This corporate action followed the signing of a conditional sales purchase agreement (CSPA) with the shareholders of BVIS in Jakarta on Wednesday, January 15, 2025.
BTN will acquire 100% of BVIS shares from its shareholders, namely PT Victoria Investama Tbk, PT Bank Victoria International Tbk, and Balai Harta Peninggalan (BHP) Jakarta. Data shows that Victoria Investama holds the majority stake in BVIS with 80.18%, followed by Bank Victoria International with 19.80%, and BHP Jakarta with 0.0016%.
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