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Indonesia's Bank Danamon to merge with Bank Nusantara Parahyangan

PT Bank Danamon Indonesia Tbk is preparing to merge with Mitsubishi UFJ Financial Group Inc. unit PT Bank Nusantara Parahyangan Tbk in 2019, IDNFinancials reported Dec. 27, citing Michellina Laksmi Triwardhany, vice president director of Bank Danamon.

Mitsubishi UFJ Financial is a controlling shareholder of Bank Danamon with a 40% stake. It has completed the first two steps of a three-step transaction to acquire a 73.8% stake in Bank Danamon from Asia Financial (Indonesia) and other investors.

In August 2018, Indonesia's Financial Services Authority gave Bank Danamon and Bank Nusantara Parahyangan a one-year deadline to complete the proposed merger. Triwardhany said the bank will disclose more details later, according to the outlet.