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After Bank Victoria Syariah deal, BTN open for more Islamic bank acquisitions
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A bank clerk serves a customer at a BTN Syariah branch in an undated photo. (BTN Syariah/-)
B
ank Tabungan Negara (BTN) has announced plans to grow further in the Islamic banking industry following its recent acquisition of Bank Victoria Syariah (BVS).
This move marks a significant step for BTN as it seeks to strengthen its sharia-compliant banking business and expand its offerings in the fast-growing market segment.
Earlier this week, BTN announced that it was set to acquire 100 percent of BVS shares to enhance its sharia banking division in preparation for a spin-off as it aims to meet growing demand for Islamic financial products in Indonesia.
BTN president director Nixon Napitupulu on Tuesday stated that this acquisition was just the beginning of a larger goal to consolidate the banking sector in the country, as reported by Kontan on Tuesday.
Nixon noted that regulations in Indonesia encouraged the move.
Nixon indicated that BTN might look to acquire other sharia banks in the future.
"Maybe later, after [this BVS deal], we will look for other sharia banks that we deem good and suitable; that is very possible," he was quoted as saying by Kontan.
