Home News BTPN Submits Formal Assessment on Merger with Sumitomo

BTPN Submits Formal Assessment on Merger with Sumitomo

Board Directors of BTPN while launch 'Jenius', its digital financial services. (Photo: BTPN)

JAKARTA (TheInsiderStories) – Indonesian lender PT Bank Tabungan Pensiunan Nasional (IDX: BTPN) announced on Monday that it had entered a formal assessment in its planned merger with Indonesian-Japanese PT Bank Sumitomo Nasional (SMBCI).

“The management of both BTPN and SMBCI are very positive about the merger,” BTPN secretary and Compliance Director Anika Faisal told reporters, Monday (29/1).

“We are in the early stages of the assessment and there are many things to do, including consulting with the regulator,” she added, referring to the Financial Services Authority.

The merger of the two businesses is said to be mutually supportive, considering SMBCI’s focus on the corporate segment while BTPN works with the retail segment. Sumitomo Mitsui Banking Corporation (SMBC) currently owns an 89 percent stake in SMBCI and 40 percent in BTPN.

Source: BTPN

Sumitomo Mitsui Banking Corporation is one of the largest banks in Japan. As of September 30, 2014 the Bank has JPY 144.1 trillion in total assets, JPY 85.5 trillion in total deposits and JPY 65.8 trillion in total loans and bills discounted.

All these numbers are nonconsolidated. The Bank is based in 1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005, Japan. It is a wholly owned subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG).

SMBC was established in April 2001 through the merger of two leading banks: The Sakura Bank, Limited, and The Sumitomo Bank, Limited.

SMFG was established in December 2002 through a stock transfer as a bank holding company, and SMBC became a wholly-owned subsidiary of SMFG.

SMBC employs 25,573 people and offers a broad range of financial services with its group companies such as Consumer, Corporate, and Investment Banking services.

It has 459 branches in Japan and 69 overseas offices across 38 countries and areas as of September 30, 2014.