KONTAN.CO.ID - JAKARTA. State-owned BRI Syariah is set to become Indonesia's biggest Islamic lender after announcing a three-way bank merger that sent its shares soaring 25% for the second straight day. The unit of state lender Bank Rakyat Indonesia signed a conditional merger deal with state-owned rivals BNI Syariah and Bank Syariah Mandiri, according to BRI Syariah's stock exchange filing on Tuesday. The move could be a precursor to more bank mergers in Southeast Asia's biggest economy where smaller lenders have been hit hard by the coronavirus pandemic, some analysts said.
BRI Syariah to be Indonesia's biggest Islamic bank after 3-way merger
KONTAN.CO.ID - JAKARTA. State-owned BRI Syariah is set to become Indonesia's biggest Islamic lender after announcing a three-way bank merger that sent its shares soaring 25% for the second straight day. The unit of state lender Bank Rakyat Indonesia signed a conditional merger deal with state-owned rivals BNI Syariah and Bank Syariah Mandiri, according to BRI Syariah's stock exchange filing on Tuesday. The move could be a precursor to more bank mergers in Southeast Asia's biggest economy where smaller lenders have been hit hard by the coronavirus pandemic, some analysts said.