The announcement of Hanwha Life’s acquisition has led to further uncertainty regarding the merger. According to Trioksa Siahaan, Senior Vice President of the Indonesian Banking Development Institute (LPPI), there is still no clear resolution about whether the acquisition will hinder the merger.

Siahaan suggested that OJK should confirm the merger’s status and provide a clear timeline to give investors and other stakeholders a better understanding of what to expect moving forward.

Arianto Muditomo, a banking expert, noted that the acquisition by Hanwha Life and the merger between NOBU and MNC Bank represent two separate corporate actions. While there has been no official statement indicating a conflict between Hanwha Life’s acquisition and the merger, the arrival of a new major shareholder could alter the strategic direction of the merger.

The fact that the merger has already been delayed since its initial deadline in August 2023 further complicates the situation, making it unclear whether the merger will proceed as planned.

Both NOBU and MNC Bank have seen significant growth in their assets and credit portfolios in recent years. By November 2024, NOBU’s total assets amounted to IDR 32.63 trillion, with loans totaling IDR 19.97 trillion. Meanwhile, MNC Bank’s assets reached IDR 19.73 trillion, with a loan portfolio of IDR 10.96 trillion.

Given their substantial positions in the market, any further delays in consolidating these banks could have broader implications for the financial sector. The merger was initially seen as a way to help the banks meet regulatory capital requirements, but now, with Hanwha Life’s acquisition, both banks may need to reassess their options.

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