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PT Bank Tabungan Negara (Persero) Tbk (BTN) will conduct a rights issue of Rp 1 trillion in September 2025. (illustration)
REPUBLIKA.CO.ID, JAKARTA -- PT Bank Tabungan Negara (Persero) Tbk (BTN) will conduct a rights issue of Rp 1 trillion in September 2025. This fund was prepared to support the process of separating the sharia business unit (UUS) of BTN Syariah and its merger with PT Bank Victoria Syariah (BVS).
President Director of BTN, Nixon LP Napitupulu, said that BTN Syariah has an initial capital of about Rp 3.5 trillion to Rp 4 trillion, depending on the transaction between the subsidiary and the parent company. BTN has also officially acquired BVS worth Rp 1.5 trillion. This acquisition makes BVS a shell company that BTN will use to house sharia UUs.
Nixon explained that the acquisition was done with a clean base approach, that is, without bringing financing assets and third-party funds. What remains in the BVS is only State Securities (SBN) and equity. “If the credit check process is long. So this makes it easier for us to verify it,” Nixon said during a press conference at the BTN Tower on Thursday (5/6/2025).
With the additional rights issue, the total capital of Sharia BTN will reach about Rp 6 trillion. Nixon explained that this figure is necessary to meet the requirements of the Group of Banks Based on Core Capital (KBMI) 2 and keep the capital adequacy ratio (CAR) equivalent to the parent BTN.
“Why the total Rp 6 trillion? Because to meet, first, category KBMI 2. Secondly, for the CAR to be similar to today's BTN conditions, which is about 18—19 percent. In order to be able to expand immediately,” he explained.
He added that the value of the assets that will be released in the spin-off process of BTN Sharia is considerable, which is about Rp 61 trillion. That amount is expected to increase to Rp 65 trillion to Rp 67 trillion in October or November 2025.
Nixon hoped that BTN Syariah could become the second largest sharia bank in Indonesia after PT Bank Syariah Indonesia Tbk (BSI). BTN is targeting the entire spin-off process to be completed by October or November this year.
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