PT Bank Bukopin Tbk (BBKP) was acquired by PT Bosowa Corporindo in 2014, although the status of PSP (Controlling Shareholder) was just established in 2015. What is Bosowa’s role in the strategic and operational management of Bukopin now? Bosowa seems to have overlooked Bukopin, unlike QNB Bank Indonesia (before: Bank Kesawan) whose post-acquisition looks fresher and more exciting. Or, maybe the benefit of the acquisition was just that Bosowa has a bank that can be controlled?
After being acquired by Bosowa and Qatar National Bank (QNB) in 2011, Bank Kesawan (BKSW) immediately organized themselves, triggering its net profit to soar from only 6 billion in 2011 to Rp121 billion in 2014. QNB’s strategy for its subsidiary is to be part of the top 10 foreign exchange banks since QNB has a strong network in 27 countries.
It is clear that Bank Bukopin has not been showered with the advantages possessed by its new proprietor. Bukopin is not gaining rapid credit exposure in eastern Indonesia, where Bosowa reigns. Bukopin has not been pushed to industries controlled by Bosowa, such as cement, automotive and property. Instead, Bukopin is looking into the maritime industry that is not controlled by Bosowa.
The role of the controlling shareholder should be greater for companies post-acquisition. Moreover, Bukopin does not have its own feasible and solid business that continues to generate profits so it should not be difficult to make it bigger.
There’s certainly a lot to learn about this topic.
I really like all of the points you made.