CIMB Niaga Syariah to Begin Operations in 2026 Following Official Spin-Off Approval
Main Takeaways
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JAKARTA, Investortrust.id - PT Bank CIMB Niaga Tbk (BNGA), Indonesia’s fifth-largest bank by assets, has secured shareholder approval to spin off its Islamic banking unit and establish a standalone sharia-compliant entity, PT Bank CIMB Niaga Syariah. The decision was finalized during an extraordinary general meeting of shareholders held recently in Jakarta.
The move aligns with regulatory mandates and reflects growing optimism in the country's Islamic finance sector. “CIMB Niaga is committed to supporting the growth of sharia banking so that it can contribute meaningfully to the national economy and deliver added value to customers,” said Director of Compliance, Corporate Affairs & Legal Fransiska Oei in an official statement on Monday, June 30, 2025.
She added that the transition process has been designed to ensure continuity in services. “We are making sure the separation process runs smoothly so customers can continue to meet their banking needs optimally.”
Shareholder Approval and Strategic Alignment
At the meeting, shareholders endorsed key agenda items including the separation plan, draft deed of separation, articles of association for the new sharia bank, and the dissolution of the current Sharia Supervisory Board (Dewan Pengawas Syariah). The resignation of all DPS members will become effective on the spin-off date.
In addition, shareholders approved management restructuring, including the resignation of Pandji P Djajanegara, who currently oversees sharia banking within CIMB Niaga’s board of directors. The change will take effect on the date of the spin-off.
Effective Date and Operational Readiness
The new sharia entity is targeting full operational readiness by Monday, May 4, 2026, pending formal licensing by the Financial Services Authority (OJK). The bank has set a maximum transition window of 60 business days following the issuance of the operating permit.
After the official transition date, all Islamic banking activities, services, and products currently offered under CIMB Niaga will be fully migrated to the new entity, PT Bank CIMB Niaga Syariah.
Fransiska emphasized that this structural shift will not disrupt services for existing customers. “All sharia-based operations will be transferred to the new entity while maintaining service continuity and safeguarding the interests of all stakeholders,” she said.