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PPA Expands Collaboration on Non-Performing Loan Management (NPL) with BTN

Jakarta, May 12, 2020 at the Ministry of SOEs, a Cooperation Agreement between PT Bank Tabungan Negara (Persero) Tbk (‘BTN’) was signed and PT Asset Management Company (‘PPA ’) concerning Acquisition and Problem Management Asset. The signing of the agreement was made between the BTN President Director Mr. Pahala N. Mansury and the Director of PPA Mr. Iman Rachman. The signing of the agreement was witnessed by Deputy Minister of BUMN Mr. Kartika Wirjoatmodjo. Also present at the signing were PPA Investment Director Mr. Nasrizal Nazir and Remedial & Wholesale Risk Director Ms. Elisabeth Novie Riswanti

The synergy aims to help banks that are members of the State Owned Bank Association (HIMBARA) in this case BTN related to managing Non Performing Loans (NPLs) according to the specialization and experience of PT PPA as a manager of the banking assets of the former Indonesian Bank Restructuring Agency (IBRA). PPA and BTN have previously collaborated on NPL management and in this agreement agreed to expand alternative NPL management schemes for a period of three years.

"The NPL management cooperation agreement is a continuation of the previous collaboration (only cessie transfer) which in our opinion is quite effective especially in the current economic conditions. OJK (Financial Services Authority) also sees the transfer of BTN cessie to PPA as one of the best forms of NPL settlement. We also agreed to expand the scope of cooperation not only to transfer cessies, but also to subrogation and innovation. BTN in cooperation will provide management fees to PPA. PPA can also apply for working capital facilities for the management of the NPL. We hope that this collaboration can continue because PPA has expertise and BTN has many assets that have the potential to be collaborated with, "said Mr. Pahala N. Mansury.

PPA President Director Mr. Iman Rachman said that the development of PPA services in the management of banking NPLs is a form of efforts to strengthen positioning as a National Asset Management Company (NAMC). "This collaboration also strengthens our plan as NAMC. Previously, we managed the Bank Mandiri NPL. We expand this collaboration not only to transfer the cessie but to become the majority shareholder. The scheme is that every NPL that is taken over joins the PPA as a grandson of the company under PT PPA Kapital. Our target for a period of 8 years is healthy and can be bought again by the old owner or helped find a strategic partner. We maintain a maximum capacity of only managing 10 NPLs to be transformed, "said Mr. Iman Rachman