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Jakarta Post

Bank BTN ready to enter investment management business

  • Norman Harsono

    The Jakarta Post

JAKARTA   /   Tue, April 23, 2019   /  01:02 pm
The Jakarta Post Image
A subsidized housing complex in Kaliwungu, Kendal, Central Java.(Antara/Aditya Pradana Putra)

State lender Bank Tabungan Negara (Bank BTN) will soon enter the fund management business following its acquisition of state-owned investment management company PT Permodalan Nasional Madani Investment Management (PNM-IM). BTN’s president director Maryono said the acquisition of PNM-IM was part of the bank’s medium-term plan to expand into other businesses outside the banking sector. "We want to expand the scope of our business to improve business performances and to support the government’s One Million Houses Program," Maryono said after the signing of the share purchase agreement between Bank BTN and PNM-IM’s parent company, state-owned financing company PT Permodalan Nasional Madani (PNM). Maryono explained that the new subsidiary would give the company another alternative to raise long-term funds to further support the bank’s...