BTPN issues Jenius debit cards bearing the National Payment Gate logo since July 2018 - Photo by BTPN

JAKARTA (TheinsiderStories) – Indonesian lender, PT Bank Tabungan Pensiunan Negara Tbk (IDX: BTPN) and PT Bank Sumitomo Mitsui Indonesia (SMBCI) has officially merger after the shareholders give an approval on the planned on Friday (05/10).

Both BTPN and SBMCI are subsidiaries of Sumitomo Mitsui Banking Corp,. (SMCB). The Japanese lenders owns 40 percent share in BTPN and 98.48 percent share in SMBCI. SMBC itself is a fully owned subsidiary of Sumitomo Mitsui Financial Group.

Compliance Director of BTPN, Anika Faisal explained the shareholders meeting also accepted the Djemi Suhenda resigned as the company’s vice president director. The meeting also determined that Mari Elka Pangestu would remain as the president commissioner, while Ongki Wanadjati Dana was appointed as the president director.

“We will leave it as soon as possible, so that the entire process is complete and effective as of January 2019,” Faisal said.

She added, the shareholders chosen for the merged bank name was BTPN. In terms of business vision and direction, BTPN tends to be micro and SMBCI to the company.

After merger, the capital of the bank will improve to be around Rp25 trillion (US$1.72 billion), she said and possible for the merged banks to pursue Book IV, even though there were no specific targets to reach there.

SMBC was established in April 2001 through the merger of two leading banks: The Sakura Bank, Limited, and The Sumitomo Bank, Limited. While, SMFG was established in December 2002 through a stock transfer as a bank holding company, and SMBC became a wholly-owned subsidiary of SMFG.