Indonesian state-owned bank Bank Negara Indonesia (BNI) has announced its plan to acquire Bank Mayora, which is owned by local conglomerate Mayora Group and the World Bank’s International Finance Corporation (IFC).
The deal is awaiting an agreement from both banks’ general meeting of shareholders and is set to take effect in May this year.
BNI will buy 1 billion new shares in Bank Mayora, as well as existing shares owned by IFC. After the acquisition, the government bank will hold a 63.9% stake, while Mayora Group’s ownership will be diluted to 36.1%.
In a statement, BNI said that Bank Mayora will be transformed into a digital bank, with a focus on serving SMEs in the country. BNI will join several prominent tech companies who have entered the space through acquisitions, such as Gojek, Grab, Sea Group, Akulaku, Bukalapak, Line, and Kredivo.
Slamet Edy Purnomo, a deputy commissioner of the Indonesian Financial Services Authority (OJK), revealed the plan for the deal to local media in December last year. On that occasion, he said that Sea Group was set to join the acquisition by contributing “a small portion.”
However, there is no explanation about Sea Group’s involvement in the recent BNI announcement.