KAJIAN RENCANA AKUISISI BANK TABUNGAN NEGARA (BTN) OLEH BANK NEGARA INDONESIA (BNI)

• Main Author: Santoso, Bambang
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/1487
• Institution: Institut Teknologi Bandung

Presently the world is experiencing globalizaton in all sectors, including in financial services sector. Therefore Indonesian banking industry. both private and state bank must be able to compete in global scale. Side of a bank, both horn equity as well as assets point of view will determine in order to win the global competition. Increasing the capital and assets in a large amount can be achieved only by merger, consolidation or acquisition alternatives. By that means, the government is planning to perform acquisition on BTN by BNI. There are two main reasons in choosing the acquisition way instead of merger. Firstly, there\'s willingness to keep remain lie main business of each bank of the banks. Secondly, there are not any implementation and regulation of implementing merger whether between two public company or merger with one of public company in Indonesia. The basic problem in this acquisition are the pre acquisition stages which cover acquisition background and objective, and legality of the acquisition that is connected to the public bank, difficulty in determine the price of BTN acquisition in listlessness appear in market and also foundation of acquisition strategy. Manner of acquisition on BTN by BNI legally can be done by refer to decree of Minister of Finance and Circular Letter Bank seven Indonesia. There are 3 (three) ways to evaluate the proper price of BTN acquisition i.e.: the usage of book value, free cash flow and P.E.R (Price Earning Ratio) approach. Based on the above data, win-win solution acquisition strategy for both government as major investor (shareholder) of BTN and public investor of BNI is suggested. First, choose the lowest acquisition price and it will be financed by Right Issue of BNI share. Secondly, after acquisition has been done, BNI is allowed to do the asset revaluation, prioritise the assets they have from BTN acquisition. Right Issue has nobe done as soon as possible especially now when the stock market it in the lowest level and the stock index is starting to show significant increase.