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Merger of state-owned banks’ Islamic subsidiaries will be credit positive for Islamic banking

On 12 October, Bank Negara Indonesia (P.T.) (BNI, Baa2 stable, baa31 ), Bank Raykat Indonesia (P.T.) (BRI, Baa2 stable, baa2) and Bank Mandiri (P.T.) (Mandiri, Baa2 stable, baa3), together with their Islamic subsidiaries, signed a conditional agreement that will merge the subsidiaries to create the largest Islamic bank in Indonesia. This will be credit positive for Islamic banking in the country because it will create an Islamic entity with a significantly enlarged franchise that will drive overall efficiency and competitiveness....

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