Indonesian mortgage lender Bank Tabungan Negara (BTN), and Asuransi Jiwa Indonesia are planning to set up a joint venture focused on life insurance business in early 2014.
The proposed move will mark BTN’s entry into the insurance business.
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BTN president director Maryono was quoted by The Jakarta Globe as saying that, "Currently, [the joint venture] is still in the process with Jasindo. We plan to become a majority shareholder."
BTN and Jasindo are expected to submit the proposals for approval with the Financial Services Authority (OJK) early this year, aiming to make the JV legally operational in Q1 2014.
Both firms have earmarked about IDR300bn ($25m) toward the initial capital for the JV.
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