PT Bank Tabungan Negara (Persero) Tbk (BTN) officially separated its Islamic banking unit into a new entity, PT Bank Syariah Nasional (BSN), during a special shareholders meeting (RUPS-LB) on 18/11 (Tuesday).

The decision establishes one of Indonesia’s largest Islamic banks and fulfills the OJK regulation requiring certain conventional banks to spin off their Islamic units. BTN President Director Nixon LP Napitupulu explained that all rights and obligations of BTN’s Islamic unit were transferred to BSN as part of the final stage of the spin-off process. “Today, all BTN shareholders approved the separation of the Islamic unit that has been part of BTN’s balance sheet. After separation, we will transfer it to BSN,” he said.

Corporate Structure and Capital of BSN

Following the spin-off, BSN has a core capital of IDR 6.379 trillion, categorizing it as a KBMI-2 bank. BTN holds a 99.99973% stake, while the remaining 0.00027% is owned by the Jakarta Heritage Office.

Napitupulu stated that the core capital is intended to maintain the Capital Adequacy Ratio (CAR) at 18–20%, providing a strong financial foundation for BSN. The operational start date for BSN is set for 15/12/2025, with the formal corporate structure finalized in a BSN shareholders meeting on 19/11.

Financial Performance of BTN’s Islamic Unit Before Spin-Off

Before the spin-off, BTN’s Islamic unit showed significant growth. By the first half of 2025, its assets reached IDR 65.56 trillion, up 18% from the previous year. Financing increased 17–18% to IDR 48.46 trillion, while third-party funds (DPK) rose 19.8% to IDR 55.23 trillion. Net profit grew 8.3% to IDR 401 billion.

BSN aims to increase its assets to nearly IDR 200 trillion within five years after the spin-off.

Regulatory Approval and Business Strategy

The spin-off follows OJK Regulation No. 12/2023, which requires conventional banks with Islamic units above IDR 50 trillion to separate them. OJK approved BSN to use Bank Victoria Syariah’s license, which BTN had acquired for the spin-off.

Dian Ediana Rae, OJK Banking Supervisor, emphasized that the separation strengthens the Islamic banking sector and supports institutional and business development. M. Ismail Riyadi from OJK predicted that spin-offs and consolidation will positively impact Islamic banking growth according to the RP3SI 2023–2027 roadmap.

BSN plans to continue BTN Islamic’s core housing finance business while expanding products such as hajj and umrah savings, gold savings/investment, and gold pawn services. Its 2025–2029 corporate plan focuses on sustainable financing, capital strengthening, and low-cost funding, including digital deposits.

Industry Impact and Future Prospects

With the spin-off, BSN is projected to become the second-largest Islamic commercial bank in Indonesia, with initial assets around IDR 70 trillion. Its KBMI-2 classification highlights both strong capital and growth potential.

This spin-off aligns with OJK’s roadmap, emphasizing consolidation, spin-offs, and the creation of large-scale Islamic banks to strengthen Indonesia’s financial ecosystem.

PHOTO: BANK BTN

This article was created with AI assistance.