BTN Signals Potential Share Buyback to Support Employee Programmes
Jakarta, CNBC Indonesia — PT Bank Tabungan Negara (Persero) Tbk. (BBTN) has signalled it is opening up the possibility of buying back shares. The move is in line with the push from Danantara to create value for shareholders amid the company’s solid fundamentals.
BTN President Director Nixon LP Napitupulu said the buyback option would be directed towards supporting employee share ownership. This method is being considered because the current portion of public shares in BBTN is at the minimum regulatory limit.
“Currently, BBTN’s share price is quite undervalued, so the possibility we can study is purchasing shares for the needs of employee programmes such as bonuses or stock options. At present, it is not yet included in the Bank’s Business Plan, but we will try to study it for inclusion in the Business Plan revision,” Nixon explained in his statement, Tuesday (23/6/2026).
Previously, Danantara Indonesia Chief Operating Officer Dony Oskaria assessed that a buyback is a normal corporate action, particularly when the share price is deemed not to reflect the company’s fundamentals.
“A buyback is actually a normal process. If we see our shares are too low, it can certainly be an option. Rather than investing elsewhere, it is better to invest in our own company’s shares if the fundamentals are strong,” said Dony.
According to Dony, a number of state-owned enterprises have solid business fundamentals, including the banking, mining, infrastructure, and other business development sectors. Therefore, companies with good fundamentals have the potential to continue creating value for shareholders.
BTN itself is currently strengthening its business fundamentals through organic and inorganic growth strategies. Most recently, the company is processing the purchase of an asset portfolio from PT Bank SMBC Indonesia Tbk. (BTPN).
In its information disclosure to the Financial Services Authority on Monday (25/5), BTN stated it had signed two agreements for the transfer of pensioner loans, pre-pensioner loans, and active employee loans for state-owned enterprise or government institution employees belonging to Bank SMBC Indonesia.
The signing took place on 22 May 2026 through a Conditional Portfolio Transfer Agreement (CPTA) and a Conditional Loan Asset Transfer Agreement (CLATA) scheme.
Under the CPTA transaction, BTN will acquire a portfolio of pensioner and pre-pensioner loans with pension benefits managed by TASPEN, with an estimated value of Rp12.58 trillion. Meanwhile, through the CLATA transaction, BTN will acquire loan assets related to ASABRI pensioners, other pension funds, as well as active employee loans for both state-owned enterprises and government institutions, with an estimated value of Rp7.34 trillion.