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Indonesian Islamic megabank merger plan shifts from 2015 to 2017

Published Tue, Dec 15, 2015 · 09:50 PM
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Kuala Lumpur

THE difficulties in forming a megabank in the US$2 trillion Islamic finance industry are becoming clear as Indonesia pushes back deadlines for its plan after failures in Malaysia and the Middle East.

Financial Services Authority director Dhani Gunawan Idat is the latest official to repeat Indonesia's goal for such an entity after two years of trying, with a plan to merge the Shariah-compliant units of PT Bank Mandiri, PT Bank Negara Indonesia, PT Bank Rakyat Indonesia and PT Bank Tabungan Negara.

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