TEMPO.CO, Jakarta - State-owned bank PT Bank Tabungan Negara Tbk. (BBTN or BTN) has formally completed the acquisition of PT Bank Victoria Syariah, a subsidiary of PT Victoria Syariah Tbk., in a transaction valued at Rp1.5 trillion. The leaders of both financial institutions signed the deed of sale and purchase, along with the share acquisition agreement, on Thursday, June 5, 2025.
Nixon L.P. Napitupulu, BTN's President Director, said that this corporate action is a strategic step towards the spin-off of the BTN Sharia Business Unit into a new, independent entity. Nixon confirmed that the spin-off, along with a name change for the new entity, is targeted for October 2025.
"Although our official deadline is in December, we are working diligently internally to complete everything by October," Nixon remarked.
Following this transaction, BTN assumes full ownership of Bank Victoria Syariah, holding up to 100 percent of all fully paid-up capital in BVIS. BTN financed the acquisition using internal funds, which were allocated in accordance with the bank's business plan.
Nixon further added that upon completion of the acquisition, BTN will integrate Bank Victoria Syariah's human resources, technology, information systems, and business model. He projected that Bank Victoria Sharia is poised to become the second-largest Sharia bank in Indonesia, trailing only Bank Syariah Indonesia (BSI).
"We have committed to making this bank the second-largest Sharia bank starting now," he declared.
Nixon said that BTN's management will dedicate the next five years to developing this new entity. He indicated that Bank Victoria Syariah will prioritize digitalization, catering primarily to retail and consumer customers. "This will be more digitally focused than its parent company," he emphasized.
Bank Victoria Syariah, according to Nixon, holds the potential for an initial public offering (IPO) on the Indonesia Stock Exchange. However, he clarified that the IPO process is not anticipated to occur within the next 2-3 years.
Meanwhile, Aldo Yusuf Cahaya, President Director of Bank Victoria, expressed his optimism that this transaction will generate significant added value for all shareholders and customers. He believes that Bank Victoria Syariah, now released from its parent company, is destined for substantial growth under BTN.
This acquisition can also contribute to strengthening the Sharia banking ecosystem in Indonesia. "We are optimistic that Bank Victoria Syariah, under Bank BTN, will evolve into an even stronger Sharia financial institution," Aldo concluded.
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