BSI Divestment Plan: Shareholders to Decide on Danantara Transfer

Background of the Divestment Plan

PT Bank Syariah Indonesia Tbk (BRIS) is currently evaluating a significant corporate restructuring involving its divestment from the control of PT Bank Mandiri (Persero) Tbk (BMRI) to Badan Pengelola Investasi (BPI) Danantara. The Deputy President Director of BSI, Bob Tyasika Ananta, clarified that the decision regarding this divestment lies within the purview of the company's shareholders.

Shareholding Structure of BSI

BSI's current shareholding structure is as follows:

• Bank Mandiri holds 51.47% (23.74 billion shares worth Rp11.87 trillion)
• Bank BNI holds 23.24% (10.72 billion shares worth Rp5.36 trillion)
• Bank BRI holds 15.38% (7.09 billion shares worth Rp3.54 trillion)
• Public shareholders hold 9.91% (4.57 billion shares worth Rp2.28 trillion)

Implications of the Divestment

The proposed divestment would significantly alter BSI's position within the state's ownership structure. According to Toto Pranoto, Associate Director of BUMN Research Group at the Faculty of Economics and Business, University of Indonesia, this change would position BSI as a peer entity to Bank Mandiri rather than a subsidiary. This restructuring could enable Danantara to have more direct influence over the development of Islamic banking in Indonesia.

Financial Impact on Bank Mandiri

As of March 31, 2025, Bank Mandiri's total consolidated assets stood at Rp2,463.66 trillion. Of this amount, BSI contributed approximately Rp400.88 trillion, or over 16% of the consolidated assets. The divestment would likely have a significant impact on Bank Mandiri's consolidated balance sheet.

Future Prospects

The divestment plan aligns with broader efforts to develop Indonesia's Islamic finance ecosystem. By positioning BSI under Danantara, the state could potentially create a more integrated sharia ecosystem, possibly making BSI a hub for halal industry and other sharia sectors.