BBTN - BTN Syariah and Muamalat merger to be completed in Mar24

BBTN - BTN Syariah and Muamalat merger to be completed in Mar24 The plan to merge the sharia business unit belonging to Bank Tabungan Negara (BBTN) with Bank Muamalat has received a bright spot. The Ministry of BUMN also confirmed that currently discussions for the merger are ongoing. BUMN Minister Erick Thohir said that his party had met with Bank Muamalat shareholders, namely the Hajj Financial Management Agency (BPKH), and the Minister of Religion to realize this action. (Source: Kontan) Comment: We expect the merger realization will turn into reality at the latest of 2H24 and will impacting positively to BBTN book in ‘24F. We expect the merger will create new huge syariah bank to help the overall industry growth better going forward.