The government officially announced PT Bank Syariah Indonesia Tbk, as the new name resulting from the consolidation of three state-owned Islamic banks, consisting of PT Bank BRISyariah Tbk (BRIS), PT Bank Syariah Mandiri (BSM) and PT Bank BNI Syariah (BNIS).
In addition to determining the name, the consolidation of the three banks also finalized changes to the company's structure and logo. Publication of the Summary of Business Merger Plan Changes will be carried out in accordance with applicable regulations and following regulatory approval.
Head of the Project Management Office for the Integration and Value Enhancement of SOE Islamic Banks, Hery Gunardi, said that the entire process and stages of the merger will continue to be monitored until the merger of the three SOE Islamic banks is completed.
"The presence of Bank Syariah Indonesia will be a milestone in the revival of Islamic economics and finance in Indonesia. As the largest Islamic bank in Indonesia, this new entity certainly requires a strong identity and an experienced Board of Directors to run its operations," said Hery, who is now the Managing Director of Bank Syariah Mandiri, in a press release, Friday (11/12/2020).
PT Bank Syariah Indonesia Tbk, will combine the assets of three banks to reach Rp 214.6 trillion and core capital of more than Rp 20.4 trillion, making it a BUKU III bank. This amount puts the company in the list of the top 10 largest banks in Indonesia in terms of assets.
Hery added, As the largest Islamic bank in Indonesia, the new entity certainly needs a strong identity and experienced directors to run operations. The merged bank will conduct post-merger business activities at the head office, branches, and existing units previously owned by BRI Syariah, Bank Syariah Mandiri, and BNI Syariah.
The merged bank will be named PT Bank Syariah Indonesia Tbk or BSI with the stock code remaining BRIS. This name will be effectively used by PT Bank BRISyariah Tbk as the survivor entity, and has the head office of the merged bank at Jl. Abdul Muis No. 2-4, Central Jakarta, which was previously the head office of BRI Syariah. The new merged bank will be operational in February 2021, and will have more than 1,200 branches, 1,700 ATM networks, and more than 20 thousand employees throughout Indonesia. *)
