02 August 2018

Merger of BTPN and SMBCI Creates a New, Bigger and Stronger Bank

Jakarta, 2 August 2018 – Today, PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) and PT Bank Sumitomo Mitsui Indonesia (SMBCI) have publicly announced the abridged merger plan of both banks. The merger plan announcement includes explanations on the newly merged bank’s name, its vision and mission, business strategy, as well as new line-ups of its board of directors and commissioners.


This announcement was published as part of the information disclosure on Sumitomo Mitsui Banking Corporation (SMBC) plan to merge its subsidiaries in Indonesia, BTPN and SMBCI. SMBC is the controlling shareholder in both BTPN and SMBCI with 40% and 98.48% shareholding interests respectively.


Today all documents related to the merger plan have been submitted to the Financial Services Authority (Otoritas Jasa Keuangan/OJK). After obtaining approval from OJK, BTPN will next seek for approval from its shareholders through extraordinary general meeting of shareholders (EGMS) in due time.


“This public announcement is an important milestone, officially marking the commencement of the BTPN-SMBCI merger process. We believe this merger will give positive impact, not only to the new bank, but also to our national economy. This merger will create a new, bigger, and stronger bank that will play further roles in fulfilling the increasing financial needs of various sectors in Indonesia, both retail and wholesale,” said Jerry Ng, President Director of BTPN.


Ever since its initial public offering (IPO) in the Indonesia Stock Exchange in March 2008, BTPN has recorded an impressive financial performance. Over the past ten years, the bank’s asset has jumped significantly from Rp 9.34 trillion in September 2007 to Rp 99.9 trillion in June 2018, a tenfold increase. Net profits have also grown significantly from Rp 244.67 billion in January-September 2007 to Rp 1.09 trillion in the first semester of 2018.


The bank has developed and launched many businesses over the past decade, including digital-based product and service innovations namely Jenius and BTPN Wow!. Revolutionary innovation through BTPN digital banking is believed will affect the behavior of Indonesians in doing their banking transactions. The bank’s business diversification has let the public to recognize BTPN as a bank that serves pensioners, as well as micro, small and medium enterprises (MSMEs) and digitally-savvy customers in innovative ways.


Meanwhile, SMBCI has operated in Indonesia since 1989, by offering various financial products and services for large-scale corporations in Indonesia, such as state-owned enterprises (SOEs), multinational corporations, national private enterprises as well as Japanese-owned subsidiary companies. In recent years, SMBCI has actively arranged and participated in loan syndications, especially in infrastructure sector and its supporting industries that are in line with Indonesian government’s development programs. As of March 2018, SMBCI has provided loans amounting to Rp 64.4 trillion.


SMBC itself is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). The SMBC Group is leading financial institution in Japan as well as a globally renowned provider of financial services.

“The unique strength of each bank will become added value for the newly-merged bank. Current shareholders have decided to keep BTPN’s name with a new vision – to be Indonesia’s most preferred bank, making a meaningful difference in the lives of millions, powered by technology,” Jerry said.


“Since this merger is complementary, the new bank will have more complete businesses, in terms of products and services being offered. We will continue to serve a wider segment of customers; starting from the bottom-of-the-pyramid of business using our digitally-innovative service BTPN Wow!, to large international corporations through SMBC Group’s international network,” he said.


Based on balance sheets released on 31 May 2018, the amount of newly-merged bank’s asset reached Rp 179 trillion.


This merger will also bring changes to the top-level management. “The newly merged bank will be led by Ongki Wanadjati Dana, who currently serves as Deputy President Director of BTPN. With his seniority and having more than 36 years of experience in the financial sector, including serving as Deputy President Director for more than ten years in BTPN, I believe this succession will bring positive implications to the company,” Jerry explained.


Mari Elka Pangestu, President Commissioner of BTPN, said that changes at the management level are part of the transition process that has started years prior to the merger plan. As leader in the management, Jerry viewed the importance of developing successors whom in turn will bring new ideas and energy into BTPN.


“Back in 2016, Jerry already expressed his wish to not be reappointed as president director after his tenure ends in 2019. In response, we began the succession process and nominated Ongki Wanadjati Dana as Jerry Ng’s replacement candidate,” Mari said.


According to Mari, the bank will seek for approval from regulator for the new management line-up. She also added that Jerry will lead BTPN until the whole merger process is completed. “Hence the changes at top-level management will not interfere with BTPN’s business processes,” she explained.


Furthermore, Jerry said that the well-prepared merger and succession plans also showed positive collaboration between BTPN and SMBCI management teams, as well as the shareholders. “The merger process that went smoothly showed that our shareholders are confident of their investment prospect in the long term, therefore they are willing to take further steps. On the other hand, the management has prepared a clear road map for the development of this bank in the future,” Jerry added.


Makoto Takashima, President and CEO of SMBC, warmly welcomed this merger. “We greatly appreciate Jerry’s leadership over the years and looking forward to working with Ongki. As controlling shareholder of BTPN, one of the most innovative banks in Southeast Asia, we will continue to give support to the new bank’s management team and to make BTPN the most preferred bank in Indonesia, with a focus on technology. We appreciate that Jerry will continue to advise us on various matters related to BTPN and Indonesia.”


During the merger process, BTPN assures that the bank’s operational service will continue without disruptions, and that both banks’ operations will be combined seamlessly. “We are certain that this merger will improve the quality and depth of our services and to increase our customers’ trust in BTPN,” Jerry said as closing statement. 

For further information please contact:


PT Bank BTPN Tbk
Andrie Darusman – Communications & Daya Head
Email: [email protected] or [email protected]


Bank BTPN in brief

PT Bank BTPN Tbk (Bank BTPN) is a foreign exchange bank and is a merger between PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) and PT Bank Sumitomo Mitsui Indonesia (SMBCI) in February 2019. Bank BTPN serves various segments in the banking industry, from retail to corporate customers, including retirees, micro-, small- and medium-sized enterprises (MSME) and productive underprivileged communities; the consuming class segment; and the corporate segment. Bank BTPN provides the services through business units, such as BTPN Sinaya—a business unit for wealth management, BTPN Purna Bakti—a business serving retirees, BTPN Micro Business—a business unit serving microbusinesses, BTPN Business Banking—a business serving small- and medium-sized enterprises, Jenius—a digital banking platform serving the consuming class segment, and the corporate business unit, which serves national, multinational, and Japanese companies. Bank BTPN also has a subsidiary, namely PT Bank BTPN Syariah Tbk, which focuses on serving productive underprivileged customers. Bank BTPN also regularly provides training sessions and information for customers through the Daya Program—a sustainable and measurable empowerment program—to improve customers’ capacity so they can grow and have a chance to live better.