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PT Bank Tabungan Negara (persero) Tbk (BTN) has started the acquisition process of Islamic commercial banks, namely PT Bank Victoria Syariah (IS), after BTN signed a conditional sale and purchase agreement (Conditional Sales Purchase Agreement/CSPA) with BVIS shareholders located in Jakarta on Wednesday, January 15, 2025.
State-owned lender PT Bank Tabungan Negara (BTN) is set to acquire islamic commercial bank PT Bank Victoria Syariah (IS). A conditional sales purchase agreement was signed,paving the way for BTN to acquire 100% of BVIS shares from its existing shareholders - PT Victoria Investama Tbk (80.18%), PT Bank Victoria International Tbk (19.80%), and Balai Harta Peninggalan (BHP) Jakarta (0.0016%).
Through the acquisition, BTN will be the full owner of Bank Victoria Syariah with a share ownership of 100% of all capital placed in full in BVIS with a total nominal amount of Rp 1.06 trillion.
Editor: Welcome to our latest interview. Today, we have Nixon Napitupulu, the President Director of PT Bank Tabungan Negara (Persero) Tbk (BTN), to discuss an exciting corporate action. BTN is set to acquire PT Bank Victoria Syariah (IS), a notable Islamic commercial bank. Coudl you share some insights on this acquisition?
Nixon Napitupulu: Thank you for having me. This acquisition is a strategic move for BTN.We have signed a conditional sales purchase agreement (CSPA) with the shareholders of PT Bank Victoria Syariah to acquire a 100% stake in the bank. This was formalized in jakarta on Wednesday, january 15, 2025 [1[1[1[1].
Editor: That’s an enterprising undertaking. What motivated BTN to pursue this acquisition?
Nixon Napitupulu: The motivation behind this acquisition is multi-faceted. Firstly,it aligns with our strategic initiative to expand our presence in the Islamic banking sector. Bank Victoria Syariah has a strong reputation and a loyal customer base in the Islamic finance market. By acquiring it, we aim to integrate their expertise and customer trust into our growing portfolio.
Editor: How do you plan to engage with the Islamic banking sector post-acquisition?
Nixon Napitupulu: Post-acquisition, we plan to leverage our expanded reach to offer thorough Islamic financial services. we also plan to invite Islamic religious organizations to become stakeholders in the combined entity. This will help us further strengthen our ties with the Islamic community and ensure compliance with Sharia principles [2[2[2[2].
Editor: What are the immediate next steps for BTN following this acquisition?
Nixon Napitupulu: Following the signing of the CSPA, the next steps include completing the necessary regulatory approvals and finalizing the acquisition process. We anticipate that this process will strengthen our market position and allow us to serve a broader range of customers with specialized Islamic financial products.
Editor: Thank you,Nixon,for your insights on this meaningful acquisition. It’s exciting to see how BTN will evolve with this new venture.
Nixon Napitupulu: Thank you for having me. We look forward to a prosperous integration and serving our customers even better.
editor’s note: Nixon Napitupulu’s vision for BTN’s acquisition of Bank Victoria Syariah underscores the bank’s commitment to growing its presence in the Islamic banking sector. By inviting Islamic religious organizations to become stakeholders, BTN aims to deepen its connection with the Islamic community and ensure that all services comply with Sharia principles [3[3[3[3]. This acquisition is a step forward in BTN’s strategic expansion, which is expected to strengthen its market position and allow it to offer a broader range of Islamic financial products [4[4[4[4].
