Jakarta. Jakarta Governor Pramono Anung has urged Bank Jakarta to go public, arguing that a stock market listing is key to accelerating the regional lender’s transformation into a more professional and transparent institution.

Speaking at the launch of Bank Jakarta’s Visa debit card at Lippo Mall Kemang on Monday, Pramono said taking the bank public would strengthen its governance and reduce political interference.

“I genuinely want Bank Jakarta to prepare itself for an IPO (initial public offering). If this happens, the bank will become healthier and no longer depend on individuals or on the governor, deputy governor, or any officials who may potentially intervene,” Pramono said.

Bank Jakarta is currently wholly owned by the Jakarta provincial government. Pramono said an IPO on the Indonesia Stock Exchange would improve public trust while ensuring the bank is managed according to market discipline and good corporate governance standards.

“As governor, I hope this bank is run professionally and delivers the greatest possible benefit to everyone who uses its services,” he added, while stressing the need to improve service quality for Jakarta residents.

Pramono also warned against a repeat of past operational issues that undermined customer confidence, including system failures, card disruptions, and security breaches. “We must ensure these on-the-ground problems do not re-emerge, causing the public to lose trust,” he said.

To speed up the process, Pramono said the provincial administration has coordinated with Bank Indonesia and the Financial Services Authority (OJK). He has also instructed Bank Jakarta’s board of directors and commissioners to begin preparing all regulatory and technical requirements needed for a listing.

Responding to the push, Bank Jakarta President Director Agus Haryoto Widodo said the lender is targeting an IPO in early 2027, aiming to raise around Rp 3 trillion ($179.18 million). “We have strengthened Bank Jakarta’s fundamentals and are in the process of appointing advisers to prepare for the IPO,” Agus said.

The plan comes as Bank Jakarta posts solid financial performance amid intense competition among regional development banks. As of September 2025, the bank booked a net profit of Rp 520.81 billion, up 1.46 percent year on year. Net interest income rose 6.35 percent to Rp 2.16 trillion, supported by efficiency measures and a higher share of low-cost funds.

Lending grew strongly, particularly to micro, small and medium enterprises, which expanded 16.14 percent year on year to Rp 6.62 trillion. Savings and deposits jumped 16.9 percent to Rp 74.23 trillion, well above the national banking industry average, while total assets climbed 12.37 percent to Rp 90.72 trillion.