PT Bank Rakyat Indonesia Tbk, the third-biggest state owned bank, expects to conclude the acquisition of PT Bank Agroniaga in December. Formerly, BRI plans to conclude the corporate action in August. BRI may buy Agroniaga for less than IDR150 billion.
BRI will hold a minimum 76 percent stake in Bank Agroniaga after a planned acquisition takes place. Dana Pensiun Perkebunan, a pension fund, will hold 14 percent and the public will hold 10 percent of Bank Agroniaga after the acquisition is completed.
BRI also plans to acquire PT Bank Bukopin and will merge with Bank Agroniaga in the next year.
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