JAKARTA, RAKYAT NEWS – The Hanwha Life Insurance Co. Ltd., a South Korean conglomerate, recently announced its plan to acquire 40% of PT Bank Nationalnobu Tbk (NOBU) shares, totaling approximately 2.9 billion units. This significant move has raised questions about the future of a planned merger between NOBU and PT Bank MNC Internasional Tbk (BABP).

The merger, which was originally seen as a potential model for voluntary mergers in Indonesia, now faces uncertainty due to the new acquisition. Both NOBU, controlled by the Lippo Group’s Riady family, and MNC Bank, owned by Hary Tanoesoedibjo, had previously been in talks to merge, but this new development has complicated the situation.

The merger between NOBU and MNC Bank was initially set to be completed by August 2023, according to the Financial Services Authority (OJK). However, delays in meeting the required minimum capital of IDR 3 trillion for general banks pushed the merger timeline back.

By the beginning of 2023, both banks had met the capital requirements, with MNC Bank’s capital reaching IDR 3.35 trillion and NOBU’s at IDR 3.1 trillion. Despite this, the merger process has not proceeded as expected, causing confusion among stakeholders about the next steps.

The OJK has emphasized that the decision to merge rests entirely with the controlling shareholders of both banks. Dian Ediana Rae, head of banking supervision at OJK, reiterated that the authority supports corporate actions that contribute to the strength and competitiveness of the banking sector.

However, she clarified that the timeline and execution of the merger depend on the decisions made by the banks’ shareholders. The OJK’s role is to ensure that any merger results in a stronger and more efficient banking system, capable of positively impacting the national economy.

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.

As the situation develops, investors and analysts are closely monitoring the moves of NOBU, MNC Bank, and Hanwha Life. With major players such as Hanwha Life and MNC Group involved, the potential merger’s outcome could have far-reaching consequences for Indonesia’s financial landscape. The OJK’s role in overseeing these corporate actions will be crucial in ensuring that both the stability of the banking sector and the interests of investors are safeguarded.

With the uncertainty surrounding the merger, there have been calls for greater transparency and clarity from the OJK. Experts like Trioksa Siahaan have urged the authority to confirm the status of the merger and provide a clear timeline for all parties involved. This would help reassure investors and stakeholders, as the ambiguity around the merger’s future continues to grow. Without such clarity, the future of the merger and the broader banking consolidation process remains uncertain. (Uki Ruknuddin)