Bank Tabungan Pensiunan Nasional (BTPN), an Indonesian lender, has received a proposal from Japan’s Sumitomo Mitsui Banking Corp (SMBC) to merge with its local unit PT Bank Sumitomo Nasional (SMBCI).

The proposal by the SMBC, which is also the biggest shareholder of BTPN, underscores Japanese lenders’ interest in the Indonesian financial services industry.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

As a result, BTPN will start an independent formal valuation phase prior to its planned merger with SMBCI.

BTPN secretary and compliance director Anika Faisal said the new name and time frame for the proposed merger is still needed to be discussed with shareholders.

A change in the composition of shareholders is also possible; however, it all depends on the valuation outcome, she added.

SMBC holds a 40% stake in BTPN, Summit Global Capital Management owns another 20%, while private equity firm TPG Nusantara owns 8.4% stake.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

BTPN is a mid-sized bank that concentrates serving on small businesses and individuals.