BTMU Likely Becomes Major Shareholder in Danamon

Financial Services Authority (OJK) may allow Japanese lender Bank of Tokyo-Mitsubishi UFJ (BTMU) to acquire more than 40% shares in local lender Bank Danamon Indonesia (BDMN) with several conditions. Prior to acquiring Danamon shares, BTMU already holds shares in Bank Nusantara Parahyangan (BNP). OJK official Heru Kristiyana said that there is a possibility for BTMU to own more than 40% shares in Bank Danamon if BTMU can merge its local business entity, Bank Nusantara Parahyangan (BNP), into Danamon after the acquisition. The merger between BNP and Bank Danamon can be one of the solutions for BTMU to control the shares of Danamon without violating the Single Presence Policy (SPP).