BNC Ventures of Indonesia acquires a 5.8% stake in Bank Aladin for $77 million

Through a private placement of shares, Indonesian investment firm BNC Technologies Ventures acquired a 5.8% stake in IDX-listed Bank Aladin Syariah for 1.2 trillion rupiah ($77 million).

Bank Aladin, a digital bank, issued 850 million new shares in the private placement at 1,400 rupiah each, according to disclosures to the Indonesia Stock Exchange (IDX). BNC Ventures, which is unrelated to the company, bought up all of the new shares.

Following the private placement, controlling shareholder Aladin Global Ventures' stake fell to 54.5% from 57.8%.

According to the Indonesian Ministry of Law and Human Rights, BNC Ventures is a health-care-related Indonesian company majority-owned by Jasa Bina Usaha and Dinamika Usaha Perdana. BNC Ventures' primary activities are in the management and investment sectors.

The new funding will assist Bank Aladin in meeting the Financial Services Authority's (OJK) capital requirement of 3 trillion rupiah for banks. Bank Aladin's capital was 2 trillion rupiah as of the third quarter of 2022.

Bank Aladin will also raise capital in June 2022 through a rights issue worth more than 1 trillion rupiah.

Since listing on the IDX in February 2021, Bank Aladin has partnered with many parties, including Indonesian retailer Alfamart, health technology company Halodoc and HK-based insurance technology company ZA Tech.

Some sources say that Indonesia's tech startup and fintech-backed banks were gathering additional funds to reach the 3 trillion rupiah level to meet the OJK's capital requirement.

Funding Societies-backed Bank Index Selindo, Akulaku-backed Bank Neo Commerce and Investree-backed Bank Amar have put in place plans to raise capital from both existing and new shareholders.