State-Owned Banks' Ownership Restructuring Through Share Transfer

Compliance with New BUMN Law

The Indonesian government has implemented a strategic restructuring of state-owned banks' ownership structure through a share transfer mechanism involving PT Danareksa (Persero) and Badan Pengatur Usaha Milik Negara (BP BUMN). This move affects four major state-owned banks: Bank Mandiri (BMRI), Bank Rakyat Indonesia (BBRI), Bank Negara Indonesia (BBNI), and Bank Tabungan Negara (BBTN).

Details of Share Transfer

• Bank Mandiri: 485,333,332 shares (0.52% of total shares) transferred
• BRI: 806,109,768 shares (0.53% of total shares) transferred
• BNI: 223,783,877 shares (0.60% of total shares) transferred
• BTN: 84,206,665 shares (0.60% of total shares) transferred

Ownership Structure Post-Transfer

The transaction maintains the government's controlling stake in these banks while adjusting the distribution between Danareksa and BP BUMN. For instance, in BRI, the state retains control through:

1. 1 share of Seri A Dwiwarna (special rights)
2. 806,109,768 shares of Seri B through BP BUMN
3. 79,804,867,107 shares of Seri B through Danareksa

Rationale Behind the Restructuring

The share transfer is mandated by Law No. 16/2025, which modifies the previous BUMN law (No. 19/2003). This regulatory adjustment aims to optimize the governance and structure of state-owned enterprises, including major banking institutions. The restructuring demonstrates the government's commitment to modernizing the BUMN ecosystem while maintaining state control over critical financial institutions.