OJK: MNC Bank–Nobu Merger Awaits Deal, CIMB Niaga Syariah Spin-Off Moves Ahead

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JAKARTA, investortrust.id — Indonesia’s Financial Services Authority (OJK) said the proposed merger between PT Bank MNC Internasional Tbk (BABP) and PT Bank Nationalnobu Tbk (NOBU) still hinges on an agreement between the two banks. As of now, no official submission has been made to the regulator.

OJK’s Chief Executive for Banking Supervision Dian Ediana Rae stated that the authority has not received any formal merger application from either party. Nevertheless, OJK remains supportive of any corporate action that can create added value and strengthen the sector.

“The latest progress and decision on the merger are not within OJK’s authority,” Dian said in a written response during the Financial Services Sector Assessment and Policy Press Conference, Sunday, May 25, 2025.

Dian emphasized that OJK encourages consolidation that leads to a healthier, more efficient, and competitive banking sector, as long as the process benefits the involved banks and contributes to financial system stability.

Meanwhile, Bank Nobu is currently in the process of being acquired by South Korean conglomerate Hanwha Life Insurance Co. Ltd. According to a published prospectus, Hanwha plans to acquire a 40% stake in NOBU, equal to about 2.99 billion shares.

With the merger still uncertain, Dian reiterated that OJK continues to monitor developments under its mandate to safeguard the resilience of the financial system against both domestic and global economic challenges.

CIMB Niaga Prepares to Spin Off Its Islamic Banking Unit

In the same statement, OJK also addressed the progress of a planned spin-off of the Islamic banking unit (UUS) of PT Bank CIMB Niaga Tbk (BNGA). Dian said that CIMB Niaga has coordinated with relevant authorities and is currently preparing business models, infrastructure, and operational requirements for the new standalone Islamic bank.

“CIMB Niaga has submitted the spin-off request and is making the necessary adjustments to ensure the spun-off bank can operate optimally,” he said.

Under Financial Services Authority Regulation No. 12 of 2023, a UUS is eligible for a spin-off into a full-fledged Islamic bank if it owns assets equal to at least 50% of the parent bank’s total assets or Rp 50 trillion.

Besides CIMB Niaga, OJK has approved PT Bank Tabungan Negara Tbk’s (BTN) acquisition of Bank Victoria Syariah as part of BTN Syariah’s spin-off plan.

According to Dian, this is part of a broader strategy to strengthen the Islamic banking structure and achieve a more ideal scale through consolidation.

When asked whether these two new Islamic banks could compete with PT Bank Syariah Indonesia Tbk (BRIS), Dian said the spin-offs are not just about competition but about enabling Islamic banking units to enhance institutional capacity and adapt to an increasingly complex industry landscape.