JakartaGlobe-Oct 13, 2020

The State-Owned Enterprises Ministry seeks to merge three Islamic banks under the state-controlled lenders to establish a new $14.5 billion entity that will spearhead the government effort to promote Islamic financing. State-Owned Enterprises Minister Erick Thohir said on Tuesday that the ministry had signed a conditional merger agreement to join the publicly listed Bank BRISyariah, a subsidiary of Indonesia largest lender by asset Bank Rakyat Indonesia, with its peers Bank Syariah Mandiri, the unit of Bank Mandiri, and Bank BNI Syariah, a subsidiary of Bank Negara Indonesia. “As a country with the largest Muslim population in the world, Indonesia should have a strong Islamic bank,” Erick said. “Indonesia must be able to become the center of the world’s sharia economy and finance.”

Read more at: https://jakartaglobe.id/business/erick-thohir-unveils-merger-plan-to-establish-indonesias-largest-islamic-bank-with-145b-assets