Executive Summary

Key insights and market outlook

The Indonesian syndicated loan market experienced an 11.1% year-on-year decline in 2025, with total agreements reaching US$ 28.88 billion ¹

². Major banks including Bank Mandiri, BNI, BRI, BCA, and DBS Group dominated the market with US$ 16.59 billion in syndicated loans. Banks are becoming more selective in their lending practices amid economic uncertainty.

Full Analysis

02

Deep Dive Analysis

Indonesian Syndicated Loan Market Experiences Decline in 2025

Market Overview

The Indonesian syndicated loan market witnessed a significant decline in 2025, with total agreements decreasing by 11.1% year-on-year to reach US$ 28.88 billion ¹

². This downturn reflects both global economic uncertainties and domestic market conditions. The top five banks - Bank Mandiri, BNI, DBS Group, BRI, and BCA - continued to dominate the market, accounting for US$ 16.59 billion or approximately 57.4% of total syndicated loan agreements ¹.

Banking Sector Response

In response to the challenging market conditions, Indonesian banks are adopting a more cautious and selective approach to syndicated lending. BCA's EVP Hera F. Haryn stated that the bank remains committed to supporting Indonesia's economic growth through strategic syndicated lending ¹

². The selective approach indicates a shift towards more rigorous risk assessment and project evaluation processes.

Market Prospects for 2026

While 2025 presented challenges for the syndicated loan market, banks are preparing for potential opportunities in 2026. The continued dominance of major banks suggests a stable market structure, though overall activity remains subdued. As economic conditions evolve, the syndicated loan market is likely to remain an important financing mechanism for large corporate projects in Indonesia.

References