BRI plans to acquire Bank Agroniaga & Bukopin

PT Bank Rakyat Indonesia (BRI) Tbk planned to acquire PT Bank Bukopin Tbk and PT Bank Agroniaga Tbk in a bid to bolster business line in agriculture sector.

The BRI plan for acquisition of two banks owned by the state firm pension funds here was addressed by State Enterprise Minister Mustafa Abubakar last week. BRI addressed the scheme and pleased the state bank to perform its action.
Bank Bukopin now is owned by Koperasi Pegawai Logistik Seluruh Indonesia (Kopelindo) with 39.39 percent shares ownership, Yayasan Bina Sejahtera Warga Bulog (Yabinstra) 12.3 percent, government 17.29 percent, Apkindo 6.7 percent and the rest by public.

Bank Agroniaga is owned by Dana Pensiunan Perkebunan with 61.1 percent possession, Dapenbun Nusantara 32.69 percent, Jamsostek 3.27 percent, Yayasan Sa-ra-na Wana Jaya 1.96 percent and public under 5 percent.
Early last month, BRI management claimed to have performed due diligence of the would-be acquired bank and the other one is on process.
Bank management planned to seek shareholders approval in May through extraordinary general meeting or shareholders (EGMS) to maintain corporate action. The state bank management claimed to have ability to acquire two banks so as to be major shareholder. But the policy is threatened by the SPP if there is no exception for state bank