Jamsostek’s Subsidiary to Acquire Local Sharia Banks
State insurance company PT Jamsostek plans to acquire stakes in two local sharia banks this year through a joint agreement with the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD).
The new investment arm of the company, the Jamsostek Investment Company (JIC), expected to be established in the first semester of this year, will purchase the stake of the country’s biggest sharia lender BNI Syariah and Bank Syariah Bukopin by the end of this year. Under the acquisition plan, the JIC would take over more than 50 percent of Bank Syariah Bukopin’s shares and between 20 to 30 percent of the BNI stake. Jamsostek currently holds a 9 percent stake in Bukopin, but nothing in BNI Syariah. However, the parent company of the ICD and the Islamic Development Bank (IDB) has made an agreement with BNI to become the strategic partner of the latter’s sharia division. There is a possibility the ICD will replace the IDB as the strategic partner of BNI Syariah and Jamsostek would have the chance to buy the BNI sharia stake through the islamic corporation. But if that option is not available, Jamsostek will make an offer to BNI sharia to become a strategic partner for the bank along with the IDB.
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