The government is looking to resume discussions on a planned financial holding firm after the end of the Idul Fitri holidays.

“We have set up a team for the process and we will discuss the technical details after Idul Fitri. We will decide what the next step will be,” Gatot Trihargo, the deputy for financial services at the State-Owned Enterprises (SOE) Ministry, said on Wednesday.

The team consists of executives and technical officers from the four state banks, namely Bank Mandiri, Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI) and Bank Tabungan Negara (BTN).

In addition to the four lenders, the holding company will consist of state financial firm Permodalan Nasional Madani and state pawn shop Pegadaian as well.

The executives must report to the ministry on whether or not several aspects within the process will affect their business plans.

“We will also continue our discussions with the Financial Services Authority [OJK] after Idul Fitri as we need to conduct more intense discussions, particularly in terms of regulations,” he said.

The ministry announced in April the appointment of state investment company Danareksa as a future financial holding firm and assigned state investment firm Bahana Pembinaan Usaha Indonesia (BPUI) as the consultant.

The holding firm is part of a long-term transformation program for state-owned enterprises to become a “superholding” company that will resemble Malaysian sovereign investment fund Khazanah Nasional.

In the meantime, Gatot said the ministry would continue integrating state-run banks’ ATM networks and electronic data capture (EDC) machines.

The ministry considers IT system integration as a major prerequisite for the establishment of the holding company. (tas)

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