Indonesian Government Approves Merger of Three State-Owned Islamic Banks; New Entity Named Bank Syariah Indonesia

The Government of Indonesia has officially announced the name of the merger entity of three state-owned Islamic banks, as Bank Syariah Indonesia (BSI), with the fixed ticker code BRIS, according to amendments made to the draft summary of the merger on the 11th of December 2020, as reported in local media.

As of February 2021, Bank Syariah Mandiri (BSM) and Bank BNI Syariah (BNIS) will officially merge with Bank BRISyariah (BRIS), to form BSI, which will be Indonesia’s largest Islamic bank. The merger was officially approved at an extraordinary general meeting (EGM) of BRIS held on the 15th of December 2020. During the EGM, Indonesia’s Ministry of State-owned Enterprises appointed the new Chief Executive Officer (CEO) of BSI, as well as approved the structure of the b...