The merger of two banks belonging to the Industrial Bank of Korea (IBK) will happen in the next few days. The bank will merge PT Bank Agris Tbk (AGRS) and PT Bank Mitra Niaga Tbk (NAGA). Each NAGA share will be converted to 1,137 AGRS shares on August 22. After getting approval from the Ministry of Law and Human Rights, which is scheduled to be accepted on August 22, Bank Mitra Niaga will delisting from the bourse on August 23. This merger is a consolidation effort that is being pushed by the agency cause, currently the banking industry competition has expanded, to the financial technology industry.
