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Indonesian banks in merger plan

Indonesian banks Bank Mandiri and Bank Rakyat Indonesia are looking into the possibility of taking over Bank Tabungan Negara as part of the government’s program to consolidate state-owned banks. According to government sources, the Indonesian government was planning to establish two state anchor banks with large assets and capital that would enable them to compete at the regional level, ahead of Southeast Asia’s banking integration in 2020. The plan envisages the anchor banks will consist of Mandiri and BRI, while the other two state banks, BTN and Bank Negara Indonesia will merge with Mandiri and BRI. Both Mandiri and BRI were expected to come up with their own proposals for the BTN bid in the near future. When contacted, Mandiri president director Budi Gunadi Sadikin acknowledged that it was on the hunt for a new subsidiary and that BTN would make an interesting choice.

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