State-owned lender enter digibank space via acquisition

Bank Negara Indonesia (BNI), Indonesia’s state-owned bank, has declared its intention to buy Bank Mayora, which is owned by the Mayora Group and the World Bank’s International Finance Corporation (IFC).

The acquisition is expected to go into effect in May of this year, pending approval from both banks’ general meetings of shareholders.

BNI will purchase 1 billion new Bank Mayora shares, as well as existing IFC shares. Following the acquisition, the government bank will own 63.9 per cent of the company, while Mayora Group will own 36.1 per cent.

Bank Mayora would be transformed into a digital bank, according to BNI, with an emphasis on supporting SMEs in the country. Gojek, Grab, Sea Group, Akulaku, Bukalapak, Line, and Kredivo are among the notable tech businesses that have entered the space through acquisitions.