(Jan 20): Indonesia’s state-owned PT Bank Tabungan Negara plans to fully acquire a shariah lender as part of its further expansion into Islamic finance.
The bank, whose focus is to provide mortgage, seeks to take over up to 100% stake in PT Bank Victoria Syariah, according to an announcement on Bisnis Indonesia newspaper on Monday. It plans on using internal financing to fund the process.
Investment firm PT Victoria Investama is currently the biggest shareholder of the shariah lender, controlling 80.2% stake. Meanwhile, PT Bank Victoria International owns 19.8% and Balai Harta Peninggalan holds the rest.
Bank Tabungan Negara will look for its shareholders’ approval in a meeting set for March 14. It expects to complete the acquisition in May.
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