Indonesian bank BTN inks $65m deal to acquire Bank Victoria Syariah
Indonesian state-owned bank BTN is set to acquire PT Bank Victoria Syariah (BVIS), a Jakarta-based commercial bank providing sharia-compliant services, in a deal valued at around $65 million (IDR 1.06 trillion).

BTN to acquire Bank Victoria Syariah for $65m
BTN has signed a conditional sales purchase agreement (CSPA) with current shareholders to acquire 100% of BVIS, and will fund the purchase through “internal funding sources”, a translated statement reads.
The shareholders involved in the transaction include Balai Harta Ininggalan (BHP) Jakarta, with a 0.0016% stake; PT Bank Victoria International Tbk, with a 19.80% stake; and PT Victoria Investama Tbk, with a majority stake of 80.18%.
Nixon LP Napitupulu, president director of BTN, reveals that the acquisition is part of BTN’s plan to form its own sharia commercial bank as the company looks to “answer customer needs in the sharia market”.
Once the acquisition has been completed, the bank plans to spin-off its current sharia business unit, BTN Syariah, and integrate it with BVIS.
Napitupulu states that BTN hopes to close the deal before the end of H1 2025. “Based on the timeline we have planned, BTN Syariah can immediately spin-off into a sharia commercial bank this year,” he comments.