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Halal Business

Indonesia’s Danamon merger will not have significant impact on Islamic unit

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The lenders are waiting for approval from the Financial Services Authority to merge.

Tuesday 19, February 2019 BY KUDAKWASHE MUZORIWA

The director of Indonesia’s Danamon said that proposed merger with Bank Nusantara Parahyangan (BNP) will not have a significant impact on lender’s Islamic banking unit -- which is extending its reach to attract more Haj savers, reported Salaam Gateway.

Danamon’s Shari’ah compliant unit currently has around 500,000 customers and aims to serve around 3,000 haj savings accounts this year, up from around 1,700 currently.

The duo, majority-owned by Japan’s Mitsubishi UFJ Financial Group (MUFG), announced plans for a possible merger on 22 January. MUFG holds a 40 per cent stake in Danamon and 67.59 per cent of BNP.

TAGS : Danamon , Bank Nusantara Parahyangan, Mitsubishi UFJ Financial Group

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