Indonesia’s chief economic minister Chairul Tanjung said on Thursday that the government has dropped a plan for Bank Mandiri to buy Bank Tabungan Negara. (Reuters Photo/Supri)
Jakarta. Indonesia’s government has dropped a plan for Bank Mandiri to buy Bank Tabungan Negara, the chief economic minister said on Thursday.
Chairul Tanjung told reporters that the banks are not compatible enough for a merger.
“BTN as a bank that specializes in housing [loans] cannot be merged with a more commercial bank like Mandiri,” Chairul Tanjung said.
The cabinet secretary in April had called for a delay in the planned acquisition, sending BTN’s share price down sharply.
State-Owned Enterprises Minister Dahlan Iskan in April said the acquisition would support the demand for mortgages in Southeast Asia’s biggest economy and create a more regionally competitive bank.
By Reuters on 04:35 pm Jun 12, 2014
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