Order of the Commissioner Board of the Financial Services Authority Number 42/PADK.03/2025 on Written Orders for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions

EXTRACT
ORDER OF THE COMMISSIONER BOARD OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 42/PADK.03/2025 CONCERNING WRITTEN ORDERS FOR HANDLING BANK PROBLEMS THROUGH MERGERS, CONSOLIDATIONS, TAKEOVERS, INTEGRATIONS, AND/OR CONVERSIONS BY THE GRACE OF THE MOST HIGH GOD THE COMMISSIONER BOARD OF THE FINANCIAL SERVICES AUTHORITY, Considering: that to implement the provisions as referred to in Article 14 of the Financial Services Authority Regulation Number 31 of 2024 concerning Written Orders, and to realize justice, legal certainty, and benefit in the execution of regulatory and supervisory duties to overcome various legal problems, it is necessary to establish a Commissioner Board Regulation of the Financial Services Authority concerning Written Orders for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions; Recalling: 1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
2. Financial Services Authority Regulation Number 31 of 2024 concerning Written Orders (State Gazette of the Republic of Indonesia Year 2024 Number 43/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 111/OJK);
DECIDING:
Establishing: A COMMISSIONER BOARD REGULATION OF THE FINANCIAL SERVICES AUTHORITY CONCERNING WRITTEN ORDERS FOR HANDLING BANK PROBLEMS THROUGH MERGERS, CONSOLIDATIONS, TAKEOVERS, INTEGRATIONS, AND/OR CONVERSIONS.

Article 1
In this Commissioner Board Regulation of the Financial Services Authority, the following terms are defined:

1. Conventional Commercial Bank, hereinafter abbreviated as BUK, is a bank that conducts conventional business activities, which in its activities provides services in the payment circulation.
2. Sharia Commercial Bank, hereinafter abbreviated as BUS, is a bank that conducts business activities based on Sharia principles, which in its activities provides services in the payment circulation.
3. People's Economy Bank, hereinafter abbreviated as BPR, is a conventional bank that in its activities does not directly provide services in giro circulation.
4. Sharia People's Economy Bank, hereinafter referred to as BPR Syariah, is a type of Sharia bank that in its activities does not directly provide services in giro circulation.
5. Bank means BUK, BUS, BPR, or BPR Syariah.
6. Merger is a merger as referred to in the Financial Services Authority Regulations concerning mergers, consolidations, takeovers, integrations, and conversions of commercial banks, and/or the Financial Services Authority Regulations concerning people's economy banks and sharia people's economy banks.
7. Consolidation is a legal act performed by 2 (two) or more Banks to merge themselves by establishing 1 (one) new Bank which, due to law, acquires assets, liabilities, and equity from the merging Banks and the legal entity status of the merging Banks ends due to law in accordance with statutory regulations.
8. Takeover is a legal act performed by a legal entity or individual to take over Bank shares resulting in the transfer of Bank control.
9. Integration is a legal act performed by a branch office of a bank located outside the country and a BUK or BUS, by transferring assets and/or liabilities of the branch office of the bank located outside the country legally to the BUK or BUS, and subsequently the business license of the branch office of the bank located outside the country is revoked.
10. Conversion is a legal act performed by a branch office of a bank located outside the country to change the business license of the branch office of the bank located outside the country into a business license for a BUK or BUS, and subsequently the business license of the branch office of the bank located outside the country is revoked.
11. Written Order is a written order from the Financial Services Authority to a financial service institution and/or specific parties to carry out or not carry out certain activities to fulfill statutory regulations in the financial service sector and/or prevent and reduce losses to consumers, the public, and the financial service sector.

This extract is in accordance with the original.
Head of Legal Development Directorate
Legal Department signed.
Aat Windradi

Article 2
Provisions regarding the issuance of Written Orders to Banks to carry out and/or receive Mergers, Consolidations, Takeovers, Integrations, and/or Conversions in the context of handling Bank problems are set forth in the Appendix which is an inseparable part of this Commissioner Board Regulation of the Financial Services Authority.

Article 3
This Commissioner Board Regulation of the Financial Services Authority comes into force on the date of establishment.
Established in Jakarta on December 16, 2025
EXECUTIVE HEAD OF BANKING SUPERVISOR
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed.
DIAN EDIANA RAE

APPENDIX
COMMISSIONER BOARD REGULATION
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
NUMBER 42/PADK.03/2025
CONCERNING
WRITTEN ORDERS FOR HANDLING BANK PROBLEMS
THROUGH MERGERS, CONSOLIDATIONS, TAKEOVERS,
INTEGRATIONS, AND/OR CONVERSIONS

PROVISIONS REGARDING THE ISSUANCE OF WRITTEN ORDERS TO BANKS TO CARRY OUT AND/OR RECEIVE MERGERS, CONSOLIDATIONS, TAKEOVERS, INTEGRATIONS, AND/OR CONVERSIONS IN THE CONTEXT OF HANDLING BANK PROBLEMS In light of the implementation of Financial Services Authority Regulation Number 31 of 2024 concerning Written Orders, hereinafter referred to as POJK Written Orders, it is necessary to regulate the implementation provisions of Written Orders to carry out and/or receive Mergers, Consolidations, Takeovers, Integrations, and/or Conversions in the context of handling Bank problems. The authority of the Financial Services Authority in issuing Written Orders is carried out within a legal framework that serves as the basis for the transparent and accountable execution of the Financial Services Authority's authority to realize justice, legal certainty, and benefit in the execution of regulatory and supervisory duties to overcome various legal problems. The issuance of Written Orders to carry out and/or receive Mergers, Consolidations, Takeovers, Integrations, and/or Conversions is intended as a supervisory instrument in the context of handling Bank problems. With these considerations, the Financial Services Authority establishes implementation provisions regarding Written Orders to Banks to carry out and/or receive Mergers, Consolidations, Takeovers, Integrations, and/or Conversions in the context of handling Bank problems as follows:

I. GENERAL PROVISIONS

1. The Financial Services Authority has the authority to issue Written Orders, including the authority to issue Written Orders to Banks to:
   a. carry out Mergers, Consolidations, Takeovers, Integrations, and/or Conversions; and/or b. receive Mergers, Consolidations, Takeovers, Integrations, and/or Conversions.
   What is meant by "Written Order to a Bank to carry out a Takeover" is a Written Order to a Bank to be taken over by a Bank.
   What is meant by "Written Order to a Bank to receive a Takeover" is a Written Order to a Bank to take over another Bank.
2. Written Orders to Banks to carry out and/or receive Mergers, Consolidations, Takeovers, Integrations, and/or Conversions as referred to in item 1, hereinafter referred to as P3IK Written Orders, are Written Orders to carry out and/or receive Mergers, Consolidations, Takeovers, Integrations, and/or Conversions carried out in the context of handling Bank problems.
   What is meant by "Bank problems" includes among others:
   a. Banks that do not meet capital obligations, including fulfillment of the Minimum Capital Adequacy Requirement (KPMM) and minimum core capital in accordance with statutory regulations; b. Banks that do not meet minimum liquidity ratio obligations, including Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), which have the potential to disrupt the Bank's ability to meet short-term and long-term liquidity needs;
   c. Banks that do not meet the Minimum Reserve Requirement (GWM) in Rupiah and/or foreign currency in accordance with statutory regulations;
   d. Banks experiencing worsening business conditions, among others marked by declining asset quality and profitability, and Bank management not conducted based on prudential principles and sound banking principles; and e. other problems that can disrupt the Bank's business continuity, hinder the effectiveness of supervision, and/or hinder law enforcement efforts by the Financial Services Authority.
3. Banks that intentionally ignore, fail to fulfill, or hinder the implementation of the Financial Services Authority's authority in issuing P3IK Written Orders to Banks are subject to sanctions as referred to in Article 53 of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector.
4. Banks that intentionally ignore and/or fail to execute P3IK Written Orders are subject to sanctions as referred to in Article 54 of Law Number 21 of 2011 concerning the Financial Services Authority as amended by Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector.
5. The imposition of sanctions as referred to in items 3 and/or 4 does not eliminate the Bank's obligation to fulfill the P3IK Written Order as referred to in item 1 and/or the imposition of administrative sanctions by the Financial Services Authority.

II. CRITERIA FOR BANKS ISSUED WRITTEN ORDERS

1. The Financial Services Authority issues P3IK Written Orders as referred to in Roman I item 1 letter a to Banks that meet the criteria:
   a. Banks that based on the Financial Services Authority's assessment:
   1) experience financial problems that can disrupt business continuity, including Banks under normal supervision experiencing difficulties or Banks that have been designated as Banks under rehabilitation by the Financial Services Authority; and/or
   2) are assessed as unable to withstand pressures that are currently being or will be faced; and/or
   b. Banks with controlling shareholders who lack the ability, do not implement commitments, and/or do not implement Financial Services Authority orders to carry out Bank problem handling efforts, among others to:
   1) increase or maintain Bank liquidity at adequate levels, including at least in accordance with statutory regulations;
   2) carry out consolidation efforts as referred to in the Financial Services Authority Regulations concerning commercial bank consolidation and the Financial Services Authority Regulations concerning people's economy banks and sharia people's economy banks; and
   3) maintain or meet capital obligations, including fulfillment of KPMM ratios and/or minimum core capital in accordance with statutory regulations.
   What is meant by "commitments" includes among others commitments of controlling shareholders given during the assessment of fitness and propriety and other commitments in the context of handling Bank problems.
2. The Financial Services Authority issues P3IK Written Orders as referred to in Roman I item 1 letter b to Banks that meet the criteria:
   a. have healthy financial conditions; b. have the ability to maintain their business continuity; and
   c. have the ability to carry out Bank problem handling.
   What is meant by "having healthy financial conditions" includes among others:
   a. health level with composite rating 1 or composite rating 2 in accordance with the Financial Services Authority Regulations concerning the assessment of health levels of commercial banks and the Financial Services Authority Regulations concerning the assessment of health levels of people's economy banks and sharia people's economy banks; and b. liquidity and capital levels in accordance with statutory regulations. What is meant by "having the ability to maintain their business continuity" includes among others:
   a. the health level of the Bank resulting from Mergers, Consolidations, and/or Integrations in accordance with the Financial Services Authority Regulations concerning mergers, consolidations, takeovers, integrations, and conversions of commercial banks, and the Financial Services Authority Regulations concerning people's economy banks and sharia people's economy banks; and b. the capital level of the Bank resulting from Mergers, Consolidations, Takeovers, Integrations, and/or Conversions in accordance with statutory regulations.
3. Based on specific considerations, the Financial Services Authority may establish criteria different from those referred to in item 2.
   What is meant by "specific considerations" includes among others paying attention to prudential principles, the interests of the financial service sector, and consumer protection.
4. In determining Banks issued P3IK Written Orders as referred to in Roman I item 1 letter b, the Financial Services Authority may take actions including using independent consultants and/or independent appraisers to map Banks capable of receiving P3IK Written Orders.
   Independent consultants and/or independent appraisers include among others public appraisal firms, public accountants, and public accounting firms registered with the Financial Services Authority.

III. PROCEDURES FOR ISSUING WRITTEN ORDERS

1. The Financial Services Authority issues P3IK Written Orders with:
   a. preceded by a written instruction; or b. without preceded by a written instruction with specific considerations.
2. P3IK Written Orders without preceded by a written instruction with specific considerations are carried out based on the authority to execute supervisory duties of the Financial Services Authority, among others, the need for:
   a. acceleration of Bank problem handling, in connection with:
   1) urgency of supervisory actions, among others, Bank problems potentially threatening the condition of the financial service industry and/or financial system stability; and/or
   2) significance or materiality of Bank problems to the performance of the financial service industry, considering among others liquidity aspects, solvency or capital, number of regulation violations, and/or financial and non-financial losses;
   b. resolution of consumer complaints harmed by Banks;
   c. law enforcement; and
   d. execution of attributive authorities originating from statutory regulations to issue P3IK Written Orders.
3. The Financial Services Authority establishes a time limit for the implementation of P3IK Written Orders by Banks based on supervisory needs and/or considerations of the complexity of the scope of the P3IK Written Orders issued.
4. In issuing P3IK Written Orders, the Financial Services Authority establishes the fulfillment of:
   a. the preparation of action plans and the implementation of action plans; and b. the submission of progress reports on the implementation of action plans, by Banks in following up on P3IK Written Orders.
5. The fulfillment of the submission of progress reports on the implementation of action plans by Banks can be done periodically according to the time limits determined by the Financial Services Authority.

IV. FOLLOW-UP ON WRITTEN ORDERS

1. Banks issued P3IK Written Orders prepare and submit action plans as referred to in Roman III item 4 letter a according to the time limit established by the Financial Services Authority to follow up on P3IK Written Orders.
2. Action plans as referred to in item 1 must contain at least a series of processes and schedules for the implementation of Mergers, Consolidations, Takeovers, Integrations, and/or Conversions until the Mergers, Consolidations, Takeovers, Integrations, and/or Conversions become effective, in accordance with the Financial Services Authority Regulations concerning mergers, consolidations, takeovers, integrations, and conversions of commercial banks, and the Financial Services Authority Regulations concerning people's economy banks and sharia people's economy banks.
3. Banks issued P3IK Written Orders prepare and submit progress reports on the implementation of action plans as referred to in Roman III item 4 letter b according to the time limits established by the Financial Services Authority to follow up on P3IK Written Orders.
4. Progress reports on the implementation of action plans as referred to in item 3 must contain at least:
   a. description of actions; b. implementation time;
   c. status of action implementation;
   d. obstacles and resolution efforts; and e. supporting documents.
5. Banks must submit reports on the fulfillment of P3IK Written Orders to the Financial Services Authority at the latest 2 (two) working days after the P3IK Written Orders are fulfilled.
   a. Example of submission of a report on the fulfillment of P3IK Written Orders fulfilled before the end of the time limit:
   The Financial Services Authority establishes the time limit for fulfilling P3IK Written Orders no later than September 16, 2026. The P3IK Written Orders were fulfilled by the Bank on August 19, 2026 (before the end of the time limit established by the Financial Services Authority), then the Bank must submit a report on the fulfillment of P3IK Written Orders no later than August 21, 2026 (2 (two) working days after the fulfillment of the P3IK Written Orders). b. Example of submission of a report on the fulfillment of P3IK Written Orders fulfilled at the end of the time limit:
   The Financial Services Authority establishes the time limit for fulfilling P3IK Written Orders no later than September 16, 2026. The P3IK Written Orders were fulfilled by the Bank on September 16, 2026 (at the end of the time limit established by the Financial Services Authority), then the Bank must submit a report on the fulfillment of P3IK Written Orders no later than September 18, 2026 (2 (two) working days after the fulfillment of the P3IK Written Orders).
6. Reports on the fulfillment of P3IK Written Orders must contain at least a description of actions taken that prove that the Bank has fulfilled the P3IK Written Orders accompanied by supporting documents.
7. Submission of action plans, progress reports on the implementation of action plans, and reports on the fulfillment of P3IK Written Orders to the Financial Services Authority:
   a. are signed by the President Director; and b. are copied to the Board of Commissioners and controlling shareholders.
8. In the event that the President Director is unable to perform their duties, the submission of action plans, progress reports on the implementation of action plans, and/or reports on the fulfillment of P3IK Written Orders to the Financial Services Authority are signed by the Bank official authorized in accordance with applicable statutory regulations and/or internal Bank regulations.

V. IMPLEMENTATION OF THE P3IK PROCESS IN THE CONTEXT OF FULFILLING WRITTEN ORDERS

1. Banks follow up on P3IK Written Orders by fulfilling requirements and procedures in accordance with the Financial Services Authority Regulations concerning mergers, consolidations, takeovers, integrations, and conversions of commercial banks, and the Financial Services Authority Regulations concerning people's economy banks and sharia people's economy banks, unless otherwise regulated in this Commissioner Board Regulation of the Financial Services Authority.
2. Requirements and procedures otherwise regulated in this Commissioner Board Regulation of the Financial Services Authority as referred to in item 1:
   a. The obligation to announce a summary of the draft of Mergers, Consolidations, Takeovers, Integrations, and/or Conversions in a daily newspaper based on Financial Services Authority provisions can be fulfilled by informing in a daily newspaper that the summary of the draft of Mergers, Consolidations, Takeovers, Integrations, and/or Conversions can be accessed on the respective Bank websites. What is meant by "Financial Services Authority provisions" includes among others:
   1) Financial Services Authority Regulations concerning mergers, consolidations, takeovers, integrations, and conversions of commercial banks; and
   2) Financial Services Authority Regulations concerning people's economy banks and sharia people's economy banks.
   Example:
   Referring to the Financial Services Authority Regulations concerning mergers, consolidations, takeovers, integrations, and conversions of commercial banks, in the event that a Merger is to be carried out between PT Bank A and PT Bank B, there is an obligation for the Board of Directors of PT Bank A and PT Bank B to announce:
   1) a summary of the draft Merger containing complete information; and
   2) information that the draft Merger has not yet obtained approval from the General Meeting of Shareholders,
   in a daily newspaper circulating nationally in the Indonesian language and on the Bank websites.
   Referring to this Commissioner Board Regulation of the Financial Services Authority, in the event that the Financial Services Authority issues a P3IK Written Order to carry out a Merger to PT Bank A and PT Bank B, then the fulfillment of the announcement obligation can be done as follows:
   1) brief information stating that the summary of the draft Merger can be accessed on the respective websites of PT Bank A and PT Bank B; and
   2) information that the draft Merger has not yet obtained approval from the General Meeting of Shareholders.
   b. Implementation of clarification for the assessment of fitness and propriety against prospective main parties of the Bank resulting from Mergers, Consolidations, Takeovers, Integrations,

and/or Conversion, may be conducted face-to-face by utilizing information technology, including but not limited to video conferencing and other electronic face-to-face media.

c. For prospective controlling shareholders of the Bank resulting from the Merger, Consolidation, Takeover, Integration, and/or Conversion, the presentation or exposition as referred to in the Financial Services Authority Regulation regarding the assessment of competence and propriety for key parties of financial service institutions shall be conducted if deemed necessary.

d. The Bank is not required to submit an application for approval for the Merger, Consolidation, Takeover, Integration, and/or Conversion, but only needs to submit documents related to the Merger, Consolidation, Takeover, Integration, and/or Conversion as referred to in the Financial Services Authority Regulation regarding the merger, consolidation, takeover, integration, and conversion of commercial banks, and the Financial Services Authority Regulation regarding rural economic banks and Sharia rural economic banks.

e. The Financial Services Authority may determine the simplification of administrative documents related to the Merger, Consolidation, Takeover, Integration, and/or Conversion in order to accelerate the handling of Bank problems while still paying attention to the principle of prudence.

3. The Bank may hold a general meeting of shareholders and/or other meetings related to the process of the Merger, Consolidation, Takeover, Integration, and/or Conversion through face-to-face interaction by utilizing information technology in accordance with the Law regarding limited liability companies, including but not limited to teleconference media, video conferencing, and other electronic media facilities. For Banks that are public companies, the implementation of the general meeting of shareholders of the public company shall be conducted in accordance with the Financial Services Authority Regulation regarding the implementation of general meetings of shareholders, general meetings of bondholders, and general meetings of sukuk holders electronically.

4. The Bank administers all documents and administrative requirements in the implementation of the Merger, Consolidation, Takeover, Integration, and/or Conversion. The administration of documents and administrative requirements includes both physical (hard copy) and electronic (soft copy) forms.

5. The assessment and conversion of shares from each Bank that will conduct and/or receive the Merger, Consolidation, Takeover, Integration, and/or Conversion as a follow-up to the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) shall be determined based on the agreement of the Banks involved in the Merger, Consolidation, Takeover, Integration, and/or Conversion.

6. The agreement as referred to in paragraph 5 considers the fair market value based on:
   a. the results of the internal assessment of the Banks involved in the Merger, Consolidation, Takeover, Integration, and/or Conversion; or b. the results of an independent third-party assessment.

7. In the event that no agreement is reached as referred to in paragraph 5, the assessment and conversion of shares shall be determined by the Bank receiving the Merger, Consolidation, Takeover, Integration, and/or Conversion based on the fair market value in accordance with the results of an independent third-party assessment.

8. Banks that are public companies given the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) to conduct or receive the Merger, Consolidation, Takeover, Integration, and/or Conversion may be exempted from obligations regarding the disclosure of information or material facts to the Bank that is a public company, with the approval of the Financial Services Authority.

9. The Financial Services Authority conducts supervision in the process of fulfilling the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) and may take necessary actions and conduct evaluations regarding the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) and/or other supervisory actions.
   What is meant by “conducting an evaluation regarding the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK)” includes, among others, conducting an evaluation of necessary actions to ensure the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK).

10. The necessary actions as referred to in paragraph 9 consider, among others:
    a. developments or follow-ups conducted by the Bank in fulfilling the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK); and b. the existence of requests from the Bank regarding efforts to fulfill the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK).

11. Other supervisory actions as referred to in paragraph 9 are supervisory actions other than the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) that are necessary according to supervisory needs, both regarding the scope of the problems in the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) as well as other problems that affect the Bank's efforts in fulfilling the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK).

VI. EVALUATION OF FULFILLMENT OF THE IMPLEMENTATION OF THE WRITTEN ORDER

1. The Financial Services Authority conducts an evaluation regarding the fulfillment of the implementation of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) after:
   a. the expiration of the time limit of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK); or b. the receipt of the report on the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) submitted by the Bank.

2. In the event that, based on the results of the Financial Services Authority's evaluation of the report on the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK), the Bank is assessed to have fulfilled the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK), the Financial Services Authority declares to the Bank that the obligation to fulfill the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) is completed.

3. In the event that, based on the results of the Financial Services Authority's evaluation of the report on the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK), the Bank is assessed to have not yet fulfilled the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK), the Financial Services Authority declares to the Bank to complete the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) in accordance with:
   a. the time limit as determined by the Financial Services Authority; or b. based on the considerations of the Financial Services Authority.

4. The Financial Services Authority's considerations regarding the time limit as referred to in paragraph 3 letter b are based on:
   a. developments or follow-ups conducted by the Bank in fulfilling the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK); and/or b. the existence of requests from the Bank regarding efforts to fulfill the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK).

5. In the event that the time limit as referred to in paragraph 3 has expired and based on the results of the Financial Services Authority's evaluation, the Bank is assessed to have not fulfilled the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK), then the Financial Services Authority declares to the Bank that the Bank has not fulfilled the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK).

VII. PROCEDURES FOR SUBMITTING REPORTS

1. The Bank submits:
   a. action plans and reports on the progress of the implementation of action plans; and b. reports on the fulfillment of the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK), to the Financial Services Authority through the Financial Services Authority reporting system in accordance with applicable laws and regulations or submission in other forms adjusted to the supervisory needs of the Financial Services Authority.

2. In the event that the Financial Services Authority reporting system is not yet available for reports as referred to in paragraph 1 or in cases of force majeure, submissions shall be made in accordance with the Financial Services Authority Regulation regarding the reporting of commercial banks through the Financial Services Authority reporting system and/or the Financial Services Authority Regulation regarding the reporting of rural economic banks or Sharia rural economic banks through the Financial Services Authority reporting system.

VIII. OTHER PROVISIONS

1. Banks given the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) may be exempted from provisions regarding:
   a. single ownership in Indonesian banking; and/or b. share ownership of commercial banks.

2. Banks given the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) may be granted:
   a. relaxation of deferral of business licensing provisions, including provisions related to institutional network office licensing and product licensing; and/or b. relaxation of deferral of banking reporting provisions.

3. Rural Economic Banks (BPR) or Sharia Rural Economic Banks (BPR Syariah) given the Written Order for Handling Bank Problems through Mergers, Consolidations, Takeovers, Integrations, and/or Conversions (P3IK) may be granted relaxations as referred to in the Financial Services Authority Regulation regarding rural economic banks and Sharia rural economic banks.

EXECUTIVE HEAD OF BANKING SUPERVISOR
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed.
DIAN EDIANA RAE