Bank Jago Responds to Merger Speculation with BFI Finance

Jakarta — PT Bank Jago Tbk. (ARTO) has addressed rumours of a merger with PT BFI Finance Indonesia Tbk. (BFIN). The bank’s management stated that it cannot comment on the activities or decisions of its shareholders, nor can it respond to information not originating from the company or to market speculation. “The company has no information to convey regarding a merger between the company and BFI Finance, nor regarding approaches from financial institutions or foreign investors as mentioned in the query,” management told CNBC Indonesia on Friday (10/7/2026). As a technology-based bank, Bank Jago stated it consistently develops its business and creates sustainable growth through innovation and collaboration with various digital and financial ecosystems. The collaboration with BFI Finance is part of a strategic business partnership that has been running to provide relevant financial solutions to customers and support sustainable growth. “As a publicly listed company, Bank Jago always complies with applicable disclosure regulations and will convey any material information in accordance with prevailing rules and provisions,” it added. CNBC Indonesia has repeatedly contacted BFI Finance Corporate Communication Head Dian Fahmi, but he did not respond. A Bloomberg report indicated that a group of investors led by tycoon Jerry Ng is considering options for their shareholdings in BFIN and ARTO, with deliberations ongoing. Jerry Ng’s ownership in BFI Finance is held through Trinugraha Capital & Co., which controls approximately 51% of the company’s shares. Mergermarket also reported in April that the controlling shareholders of BFI Finance were exploring a partial sale and had appointed Goldman Sachs as an advisor. Other investors in Trinugraha include private equity firm Northstar Group and mining tycoon Garibaldi “Boy” Thohir. Meanwhile, Jerry Ng holds around 30% of Bank Jago’s shares, with other ARTO shareholders including Singapore sovereign wealth fund GIC and Northstar co-founder Patrick Walujo.