The Medium Term National Development Plan (Rencana Pembangunan
Jangka Menengah Nasional) 2020-2024, issued by the Indonesian
Ministry of National Development Planning (Bappenas) (RPJMN), seeks
annual economic growth of 6 percent, with an initial rate of 5.3
percent expected in 2020. This ambitious target will need to be
underpinned by a stable banking industry, under the mandate of the
Indonesian Financial Services Authority (Otoritas Jasa Keuangan,
also commonly known as the OJK). To this end, the OJK recently
issued OJK Regulation No. 41/POJK.03/2019 concerning commercial
bank mergers, consolidations, acquisitions, integrations, and
conversions (the new regulations).
The new regulations cover the following five corporate actions,
as follows:
