Purbaya Comments on the Asset Swap Involving PNM and Geo Dipa

Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa has spoken out regarding the asset swap involving PT Permodalan Nasional Madani (PNM), which is under BP Danantara, with the Ministry of Finance’s public service agency, PT Geo Dipa Energi (Persero).

Purbaya acknowledged that the Ministry of Finance has discussed the exchange with Geo Dipa and it is still in the further discussion stage.

“We just discussed how about swapping with Geo Dipa, but we’re still talking about it. Clearly, the focus is still on how the Ministry of Finance can take over PNM,” Purbaya told reporters at the Attorney General’s Office (Kejagung), South Jakarta, on Friday (10/4/2026).

Unfortunately, he did not provide further details on the certainty of the asset swap between the two companies.

For information, PT Geo Dipa Energi (Persero) 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.

As known, Purbaya has obtained permission from President Prabowo Subianto to take over PNM from BP Danantara. He acknowledged that President Prabowo has agreed. Purbaya indeed wants PNM to be developed into an SME bank under the Ministry of Finance.

Purbaya previously stated that the takeover of PNM is as an entity managed by the Ministry of Finance’s public service agency to be transformed into a special SME bank.

“So PNM will become a bank that might be under PT SMI or PIP, under us, it will distribute KUR (people’s business credit),” said Purbaya during a working meeting with Commission XI of the DPR, Jakarta, on Monday (6/4/2026).

Furthermore, Purbaya explained that the establishment of this SME bank will not only focus on financing but will also be built as an integrated ecosystem to encourage the overall growth of small and medium enterprises.

“Later, I will also build an ecosystem that supports integrated SME development, there will be advisors, training, marketing, credit guarantees, and so on,” he said.

Purbaya claimed to have reported this concept to President Prabowo Subianto and has received the green light to implement it. Now, the concept is in the negotiation stage with Danantara. PNM is a business entity owned by PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI). Meanwhile, BRI is a BUMN controlled by Danantara.