Prabowo to Determine New Name for BTN Syariah After Acquiring Bank Victoria Syariah

TEMPO.CO, Jakarta - PT Bank Tabungan Negara (Persero) Tbk. (BTN) officially took over shares of PT Bank Victoria Syariah worth Rp1.5 trillion, as part of the separation or spin-off process of BTN Syariah on Thursday, June 5, 2025.

BTN President Director Nixon LP Napitupulu said that the BTN Syariah spin-off process is planned to take place around October to November this year. He targets that the new bank can be inaugurated and operational at least before the end of 2025.

Nixon said that President Prabowo Subianto will determine the name for the combined Islamic general bank (BUS) of BTN Syariah and Bank Victoria Syariah. "Later it will have a new name determined by President Prabowo based on the proposals of BTN and the Minister of SOEs," said Nixon in an official statement from BTN, quoted on Sunday, June 8, 2025.

However, Nixon has not yet agreed to mention the candidate name for the new BUS. He said a General Meeting of Shareholders is needed, both in BTN and Bank Victoria Syariah, because there will be changes to the articles of association, brand, and others. "We cannot mention the names of the candidates now because there are legal elements," he said.

Nixon explained the reason BTN chose to acquire Bank Victoria Syariah and merge it with BTN Syariah because the process is easier and faster than building a new bank. BTN hopes that this corporate action can make BTN Syariah the second largest sharia bank in Indonesia, as promised to the Minister of SOEs Erick Thohir.

"We have promised the Minister of SOEs that this new sharia bank is targeted to become the second largest sharia bank in a short period of time, with an efficient, inclusive business, and based on sharia values," said Nixon.

Meanwhile, Victoria Investama President Director Aldo Jusuf Tjahaja is also optimistic that Bank Victoria Syariah under the auspices of BTN will become a strong player in Indonesian sharia banking. According to him, this step will open up great opportunities for other players to strengthen the Indonesian sharia banking ecosystem.

"Hopefully this collaboration can become a joint strategic partnership and be able to support the people's economy and especially the national economy through the sharia financial services sector," said Aldo.

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