Purbaya and Danantara to Discuss 'Asset Swap' for PNM and Geo Dipa This Afternoon

Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa has confirmed that the Ministry of Finance will take over PT Permodalan Nasional Madani, commonly abbreviated as PNM—a subsidiary of Bank Rakyat Indonesia operating in microfinance—from BPI Danantara. In exchange, Purbaya will transfer PT Geo Dipa Energi (Persero) to BPI Danantara. According to Purbaya, this arrangement has already been agreed upon by the government and Danantara. “PNM is in the process of discussions with Danantara and has received the green light. It looks like it will be swapped with Geo Dipa. I don’t want both,” Purbaya told reporters on Monday (11/5/2026). The asset swap will be carried out as soon as possible, according to Purbaya. He stated that the Ministry of Finance and Danantara will hold discussions this afternoon. “As soon as possible. We’ll discuss it this afternoon,” he emphasised. PT Geo Dipa Energi is a state-owned enterprise (BUMN) under the Ministry of Finance with Special Mission Vehicle (SMV) status. This BUMN focuses on the development and management of geothermal energy to produce clean electricity. Previously, Purbaya said he had obtained permission from President Prabowo Subianto to take over PNM from BPI Danantara. He acknowledged that President Prabowo has agreed. Purbaya indeed wants PNM to be developed into a UMKM bank under the Ministry of Finance. Purbaya stated that the takeover of PNM is to be managed as a public service entity under the Ministry of Finance and transformed into a specialised UMKM bank. “So PNM will become a bank that might be under PT SMI or PIP, under us, and it will channel KUR (People’s Business Credit),” Purbaya said during a working meeting with Commission XI of the DPR in Jakarta on Monday (6/4/2026). Furthermore, Purbaya explained that the establishment of this UMKM bank will not only focus on financing but will also build an integrated ecosystem to comprehensively support the growth of small and medium enterprises. “Later, I will also build an ecosystem that supports the integrated development of UMKM, including advisors, training, marketing, credit guarantees, and so on,” he said.