Analisis Sinergi Keuangan dan Efisiensi Operasional Sebelum dan Sesudah Merger: Studi Kasus Bank Danamon dan Bank Nusantara Parahyangan (2014–2024)

Rizki Pertiwi, Dra. Sufitri, M.M.

2025 | Tugas Akhir | D4 PERBANKAN

Penelitian ini bertujuan untuk menganalisis sinergi keuangan dan efisiensi operasional sebelum dan sesudah merger antara Bank Danamon dan Bank Nusantara Parahyangan (BNP) yang terjadi pada tahun 2019. Analisis dilakukan dengan membandingkan kinerja enterprise value (EV) dan rasio Biaya Operasional terhadap Pendapatan Operasional (BOPO) antara periode sebelum merger (2014–2018) dan setelah merger (2019–2023). Selain itu, penelitian ini juga menganalisis perubahan tren EV dan efisiensi operasional dalam rentang waktu 2014–2024. Metode yang digunakan dalam penelitian ini meliputi uji paired t-test untuk mengukur perbedaan signifikan dalam EV dan BOPO antara kedua periode, serta regresi linier tren untuk menganalisis arah dan pola perubahan jangka panjang dari kedua variabel tersebut. Hasil penelitian menunjukkan bahwa meskipun tidak terdapat perbedaan signifikan dalam nilai enterprise value (EV) antara periode sebelum dan sesudah merger, efisiensi operasional yang diukur melalui rasio Biaya Operasional terhadap Pendapatan Operasional (BOPO) mengalami peningkatan signifikan setelah merger. Selain itu, meskipun laju pertumbuhan EV pasca-merger lebih landai, hal ini menunjukkan bahwa bank telah berhasil mencapai tingkat optimasi dalam efisiensi operasionalnya, yang tercermin dalam penurunan rasio BOPO yang lebih moderat.

This research aims to analyze the financial synergy and operational efficiency before and after the merger between Bank Danamon and Bank Nusantara Parahyangan (BNP) that took place in 2019. The analysis is conducted by comparing the performance of Enterprise Value (EV) and the Operational Cost to Operational Income (BOPO) ratio between the pre-merger period (2014–2018) and the post-merger period (2019–2023). Additionally, this study also analyzes the changes in the trends of EV and operational efficiency over the period from 2014 to 2024. The methods used in this research include the paired t-test to measure significant differences in EV and BOPO between the two periods, as well as trend linear regression to analyze the direction and patterns of long-term changes in both variables. The results of the study indicate that although there are no significant differences in the value of Enterprise Value (EV) between the pre-merger and post-merger periods, operational efficiency measured through the Operational Cost to Operational Income (BOPO) ratio has significantly improved after the merger. Furthermore, although the growth rate of EV post-merger is more gradual, it indicates that the bank has successfully achieved a level of optimization in its operational efficiency, as reflected in the more moderate decline in the BOPO ratio.

Kata Kunci : Bank Danamon, Bank Nusantara Parahyangan, BOPO, Enterprise Value, Financial Synergy, Merger, Operational Efficiency.