The Financial Services Authority (OJK) revealed that the Industrial Bank of Korea (IBK) will merge two publicly listed local lenders, Bank Mitraniaga (NAGA) and Bank Agris (AGRS).

On February, 2018, IBK announced to obtain 4.59 million shares or 87.34% of Bank Agris fully paid capital from the seller PT Dian Intan Perkasa owned 82.59%, Benjamin Jiavaranon has 0.28%, and public 17.13%. After the transaction, the existing shareholders was diluted to 1% and the shares owned by the public decreased to 11.66%.

OJK revealed on Tuesday (Oct 23), that the bank is currently conducting an assessment and filing permits to merge the two banks. The bank, which is majority owned by the South Korean Government, has also acquired 71.68% of Bank Mitraniaga’s shares from Willy Yonathan and Yeo Harry Yonantha.

After the acquisition transaction, the composition of Bank Mitraniaga’s shareholders will change. PT Sarana Steel holdd 9.89% and Kamtono Kosasih owns 5.1%, Yonathan only 1% and public investors hold 12.32%.