Investors linked to Indonesian tycoon Jerry Ng are exploring strategic options for their holdings in BFI Finance Indonesia and digital lender Bank Jago, according to Bloomberg.

The options under consideration include a potential merger between the two companies, which would create a combined entity with a market value of approximately 25 trillion rupiah.

Goldman Sachs is working with the investors on the strategic review.

Sources familiar with the matter said foreign lenders seeking to expand in Indonesia may also be interested in BFI Finance and Bank Jago.

Bank Jago declined to comment on the speculation, saying it has no information regarding a potential merger with BFI Finance or approaches from foreign financial institutions and investors.

The digital bank added that its partnership with BFI Finance remains an ongoing strategic business collaboration.

Goldman Sachs and Ng did not respond to requests for comment by Bloomberg.

Ng holds his stake in BFI Finance through Trinugraha Capital & Co, which owns around 51% of the company.

Other investors in the consortium include private equity firm Northstar Group and mining tycoon Garibaldi Thohir. Ng also holds roughly 30% of Bank Jago.

The review follows reports in April that BFI Finance’s controlling shareholder was exploring a partial sale.

BFI Finance shares are up 8% this year, giving the company a market value of 11.4 trillion rupiah. Bank Jago’s valuation stands at 13.7 trillion rupiah after its shares declined 50%.

Other investors in Bank Jago include Singapore sovereign wealth fund GIC, GoTo, and Northstar co-founder Patrick Walujo.

Featured image credit: Edited by Fintech News Indonesia, based on image by watercolor_vect via Magnific