Indonesian State-Owned Banks Transfer Shares to BP BUMN as Part of New BUMN Law
Executive Summary
Key insights and market outlook
Three major Indonesian state-owned banks - Bank Mandiri (BMRI), Bank Rakyat Indonesia (BBRI), and Bank Negara Indonesia (BBNI) - have transferred portions of their Series B shares from Danantara Asset Management to Badan Pengatur BUMN (BP BUMN) on January 5, 2026. The transfers, ranging from 0.52% to 0.60% of total shares 1
Deep Dive Analysis
Indonesian State Banks Consolidate Ownership Structure Under New BUMN Law
Background and Implementation
Three major Indonesian state-owned banks - Bank Mandiri (BMRI), Bank Rakyat Indonesia (BBRI), and Bank Negara Indonesia (BBNI) - have executed share transfers from Danantara Asset Management (DAM) to Badan Pengatur BUMN (BP BUMN) on January 5, 2026 1
Details of Share Transfers
- Bank Mandiri transferred 485.3 million Series B shares (0.52% of total shares)
- Bank Rakyat Indonesia transferred 806.1 million Series B shares (0.53% of total shares)
- Bank Negara Indonesia transferred 223.8 million Series B shares (0.60% of total shares)
The transferred shares will be reclassified as Series A Dwiwarna shares, effectively consolidating state ownership through BP BUMN 1
Regulatory Compliance and Impact
This restructuring is mandated by the new BUMN law, aiming to enhance state control and governance in strategic enterprises. The banks have confirmed that these changes will not affect their operational activities, legal status, financial condition, or business continuity 1
Broader Implications
The share transfers demonstrate the government's efforts to strengthen its oversight of state-owned enterprises through BP BUMN. This move is part of a larger restructuring exercise that includes other BUMN companies, such as construction firms PTPP, ADHI, WIKA, and WSKT 5
Sources & References
Source References
Story Info
Topics Covered
Key Events
State Bank Share Transfer to BP BUMN
Implementation of New BUMN Law
State Ownership Consolidation