Neo Commerce Bank Stock Soars After Transformation into a Digital Bank

Based on Yahoo Finance data, the closing price of PT Bank Neo Commerce Tbk shares fell by 2.2% to Rp 2,230 per share on Tuesday, January 18, 2021. However, over the past year, the share price of the issuer, which has the stock code BBYB, has increased significantly by more than fourfold, or 555.1%.

The bank, formerly known as PT Bank Yudha Bhakti Tbk, will launch two new products in Q1 2022. These products are customer funds account (RDN) services and a new credit feature available on its neobank application.

BBYB's share price has been trending upwards following Akulaku's planned investment in the bank. Akulaku is a financial technology (fintech) company.

With the entry of this fintech startup, BBYB will transform into a digital bank. This has fueled investor optimism, leading to increased demand for Bank Neo Commerce shares. Bank Neo's share price reached its highest level of Rp 2,800 per share on December 24, 2021.

For information, the controlling shareholder (PSP) is PT Gozco Capital, holding 16.53% of the shares. Other significant shareholders include PT Akulaku Silvrr Indonesia (14.98%), Yellow Brick Enterprise Ltd (11.1%), Rockcore Financial Technology Co Ltd (6.12%), the public (36.6%), and non-PSP shareholders not through the capital market (4.67%).