OJK Urges Merger Option for Banks to Meet 15% Share Free Float

The Financial Services Authority (OJK) has stated that the option of consolidation can be pursued by banking issuers that have not yet fulfilled the 15% share free float requirement. The Chief Executive of Banking Supervision at OJK, Dian Ediana Rae, said the regulation is mandatory for all banking companies listed on the Indonesia Stock Exchange (BEI). According to him, this can be achieved through adjustments to the share ownership structure or through a merger between two or more entities. “OJK emphasises that the free float obligation for banking issuers listed on the capital market can be fulfilled through adjustments to the share ownership structure until the free float amount is met, including through the merger of two or more banks,” Dian said in a statement quoted on Thursday (25/6/2026). He noted that the mechanism for implementing the free float requirement and bank mergers refers to the prevailing capital market regulations. Recently, PT Bank Danamon Indonesia Tbk. (BDMN) came under the spotlight as a bank whose free float level only reached 7.47%. Rumours emerged that the mid-tier bank had the option to delist or conduct a merger with another bank. Bank Danamon subsequently announced an exploration of integration with MUFG Indonesia. Bank Danamon Director, Rita Mirasari, later told CNBC Indonesia that the bank has no plans to go private. She stated the bank will comply with the minimum 15% free float requirement and is continuing discussions with the OJK to realise it. “We will follow the regulator’s provisions. We are having a lot of discussions with the OJK,” Rita said when met at the Perbanas Institute, Tuesday (2/6/2026). She confirmed that the MUFG-owned bank has no option to exit the Indonesian stock market. “We were also surprised and confused. There were rumours,” Rita said. Nevertheless, she said the bank continues to strive to capture the best business potential for Bank Danamon. In addition to Danamon, PT Bank Syariah Indonesia (Persero) Tbk. (BRIS) has also not met the minimum 15% free float requirement. BSI Risk Management Director, Grandhis Helmi Harumansyah, said BSI continues to discuss with BPI Danantara and BRIS shareholders to boost the free float, which has only reached 9.91%. “We are following the direction of Danantara as the shareholder’s proxy. So, we will continue to discuss this with Danantara and the shareholders,” Grandhis said after the launch of the Dukuh Atas LRT Station status, Friday (22/5/2026).