ABNR advises IFC in bank takeover

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ABNR advises IFC in bank takeover

Indonesian firm ABNR advised International Finance Corporation (IFC), the private-sector lending arm of World Bank Group, on the sale of its 20 per cent interest in Indonesia’s Bank Mayora to Bank Negara Indonesia (BNI). The transaction is part of BNI’s plan to acquire 63.92 per cent of Bank Mayora from two shareholders, Mayora Inti Utama and IFC.

The ABNR team in Jakarta assisting the transaction was led by partners Emir Nurmansyah and Chandrawati Dewi with the help of senior associate Rully Hidayat.

BNI will acquire 1.03 billion new shares and 169 million shares owned by IFC. The state-owned bank will form a digital lender by taking over Bank Mayora which will be a digital bank. The deal closed on May 18.