BTN to acquire Bank Victoria Syariah for $64m.

BTN, a state owned enterprise bank, agreed to acquire Bank Victoria Syariah, a sharia public bank, for $64m. "BTN assesses that the development of the sharia economy in Indonesia needs to be supported by players who have competitive strength or competitive advantage with a comprehensive banking and financial service proposition for the housing sector. This corporate action will support the development of BTN Syariah to fulfill that position and answer the needs of customers in the syariah market. Both parties, namely BTN and the shareholders of Bank Victoria Syariah have reached a mutual agreement to support the effort," Nixon LP Napitupulu, BTN President Director.