PT Bank Agris Tbk (IDX:AGRS) agreed to acquire 28.32% stake in PT Bank Mitraniaga Tbk (IDX:NAGA) from Sarana Steel, Pt, Kamtono Kosasih, Yeo Harry Yonanta and others for IDR 11 billion on March 20, 2019. Under the terms, PT Bank Agris will issue 35.7 million shares where every 1 share in PT Bank Mitraniaga will be equal to 1,137 shares in PT Bank Agris. PT Bank Mitraniaga will be dissolved and all assets and liabilities of PT Bank Mitraniaga will be transferred legally to the PT Bank Agris. Employees of the PT Bank Mitraniaga will change their status to employees of the PT Bank Agris, unless otherwise agreed based on the agreement between the employee and the PT Bank Agris and PT Bank Mitraniaga will stop legally as of the Effective Date of the Merger (July 31, 2019) without the need to go through the liquidation process. The name and domicile of the Merged Bank will be PT Bank IBK Indonesia, Tbk The deal is subject to approval from the shareholders of PT Bank Agris Tbk and PT Bank Mitraniaga Tbk at their extraordinary general meeting will be held on May 31, 2019 and approval from financial services authorities ("OJK"). The transaction has been recommended by the Board of Directors and Commissioners of PT Bank Mitraniaga and PT Bank Agris. As of August 19, 2019, Indonesia`s Financial Services Authority (OJK) approved the transaction. As on August 22, 2019, the transaction has been approved by the Ministry of Law and Human Rights of the Republic of Indonesia. The transaction is expected to be completed by July 31, 2019. As of July 31, 2019, transaction completion date has been extended. As of August 19, 2019, IBK Indonesia Bank will be launched as a combined organization in September 2019. As on August 22, 2019, the merger is expected to be conducted on August 23, 2019. Gani Sigiro & Handayani and Kantor Akuntan Publik Kanaka, Puradiredja, Suhartono acted as accountant for PT Bank Agris and PT Bank Mitraniaga respectively. Ali Budiarjo, Nugroho, Reksodiputro and INFINITI & Co acted as legal advisor for PT Bank Agris and PT Bank Mitraniaga respectively. KJPP Ruky, Safrudin & Rekan and KJJP - Benedictus Darmapuspita & Rekan acted as fairness opinion provider for PT Bank Agris and PT Bank Mitraniaga respectively.