Bank BJB to Hold EGM to Cancel Commissioner Appointments

Background and Upcoming EGM

PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR), known as Bank BJB, is set to hold an Extraordinary General Meeting of Shareholders (EGM) on December 1, 2025. The meeting, scheduled for 09:00 WIB, will address the cancellation of recent commissioner appointments. This move follows regulatory guidance from Otoritas Jasa Keuangan (OJK), Indonesia's financial services authority, as detailed in their letters SR-294/PB.02/2025, SR-356/PB.02/2025, and S-338/KO.12/2025.

Previous Appointments and Regulatory Context

The appointments in question were made during an EGM held in April 2025, where shareholders approved the appointment of Mardigu Wowiek as Independent Commissioner, Helmy Yahya as Independent Commissioner, and Joko Hartono Kalisman as Compliance Director. However, these appointments were subject to OJK's fit and proper test, a standard regulatory requirement for such positions in Indonesian banks.

Rationale Behind Initial Appointments

Gubernur Jawa Barat Dedi Mulyadi, representing the controlling shareholder, explained that the selections were based on professionalism and public trust. Mardigu Wowiek, known as Bossman Mardigu, and Helmy Yahya, both public figures, were chosen for their perceived expertise and public credibility. Dedi Mulyadi mentioned that while the discussions were preliminary, both individuals showed promising understanding of economic matters.

Market Reaction

The initial appointments in April 2025 were positively received by the market, with Bank BJB's stock price (BJBR) rising significantly. On the day of the announcement, the stock price reached nearly Rp900, up from previous levels around Rp600-700. Dedi Mulyadi viewed this as a positive market response to the new appointments.

Implications of Upcoming EGM Decisions

The upcoming EGM on December 1, 2025, will formally address the cancellation of these appointments. This development highlights the importance of regulatory compliance in Indonesia's banking sector and demonstrates OJK's oversight role in ensuring proper governance practices. The outcome will be closely watched by investors and market participants, particularly given the recent market interest in Bank BJB's corporate developments.