Banking - Merger of BTN Syariah and Muamalat Spur Sharia Banking Growth

Banking - Merger of BTN Syariah and Muamalat Spur Sharia Banking Growth News and rumors that BTN Syariah will merge with PT Bank Muamalat Indonesia (BMI) continues to grow. UUS BTN is noted as an important player in the sharia home financing business. The option of BTN Syariah merging with Bank Muamalat was first discussed by BUMN Minister Erick Thohir at the VI National Conference of the 2023 Sharia Economic Community (MES) in Jakarta, 1 October 2023. The merger between BTN Syariah and Bank Muamalat cannot be separated from Vice President Ma'ruf Amin's direction to save Bank Muamalat. (Source: Investor Daily). Comment: We expect the plan to become reality, since it would increase the positive contribution to the growth of the sharia banking industry. Bank Muamalat strong brand equity and solid presence in the sharia banking industry coupled with BBTN’s sturdy UUS 9M23 results should be translated as a win-win corporate action, in our view.