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/4649
• Institution: Institut Teknologi Bandung

<b>Abstract :</b><p align="justify"> <br /> <br /> Presently the world is experiencing globalisation 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. Size of a bank, both from 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.<p align="justify"> <br /> <br /> <br /> 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 the 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 planning are the pre-acquisition stages which cover acquisition background and objective, the procedures and legality of the acquisition that is connected to the public banks, difficulty in determine the price of BTN acquisition in listlessness appear in stock market and also formulation of acquisition strategy.<p align="justify"> <br /> <br /> <br /> Manner of acquisition on BTN by BNI legally can be done by refer to seven Decree of Minister of Finance and Circular Letter Bank 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.<p align="justify"> <br /> <br /> <br /> 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 fmanced by Right Issue of BNI's share. Secondly, after the acquisition has been done, BNI is allowed to do the asset revaluation, prioritise on the assets they have from BTN acquisition. Right Issue has to be done as soon as possible especially now when the stock market is in the lowest level and the stock index is starting to show significant increase.<p align="justify"> <br /> <br />